The BTCUSD price will move between the support level of $40,000 and the resistance level of $43,000 in the short term.

If the Bitcoin price can break above the resistance level, it could rise to $45,000 or more.

  • The price of BTCUSD is trading at $42,600.
  • The price has decreased by 1% during the day.
  • This slight decrease indicates that the overall trend of the price is still upward.
BTCUSDT Resistance & Support

Resistance & Support For BTCUSD

The chart shows that the main support level is at $40,000. Therefore, the Bitcoin price is expected to rebound upwards if it falls to this level. If the price falls below this level, it could indicate that the downward trend will continue.

The main resistance level for BTCUSD is $43,000. If the price can break above this level, it could indicate that the upward trend has begun.

Elliott Wave analysis: Bitcoin

Elliott Wave analysis: Btcusd

According to wave analysis, the price of BTCUSD is currently trading in wave 4 of wave 3 of wave 3 of a higher degree.

If wave 4 of the decline ends, it is expected that wave 5 will begin, which will reach the level of $45,000.

However, if the price falls below the level of $38,000, it could indicate that the corrective downward trend will continue.

Note: The most important factors that lead to the rise in the price of Bitcoin are:

  • The increase in the adoption of Bitcoin by companies and institutional investors.
  • The increase in public awareness of Bitcoin and other cryptocurrencies.
  • The improvements in the underlying technology of cryptocurrencies.
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