Monday, May 16

Bitcoin Price Falls Below $42,000, But Analysts Still Expect “Further Upside Momentum” By Cointelegraph


©Reuters. Bitcoin Price Dips Below $42,000, But Analysts Still Expect “Further Upside Momentum”

The broader cryptocurrency market continued to see erratic and sideways price action on Jan. 17, with () seeing a mid-day drop to $41,650. Market-wide, trading volumes remain subdued and US financial markets were closed for the Martin Luther King Jr. Day celebration.

BTC/USDT 1-day chart. Source: TradingView Here’s what analysts are saying about Bitcoin’s price action and the impact today’s correction could have on the structure of the BTC market.

There is major resistance at $43,120. Analysis of Bitcoin’s weekly price action was provided by cryptocurrency trader and pseudonymous Twitter user (NYSE:) ‘Rekt Capital’, who posted the chart below showing that the star cryptocurrency it is trading near a well-established support and resistance zone.

Read the full article on Cointelegraph

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