May 17, 2022

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Bitcoin Price Drops Below $42,000, But Analysts Still Expect ‘Additional Bullish Momentum’ By Cointelegraph

© Reuters. Bitcoin Drops Below $42,000, But Analysts Still Expect ‘Additional Bullish Momentum’

The broader cryptocurrency market continued to see erratic and sideways price action on January 17, with ( ) seeing a mid-day drop to $41,650. On the market front, volumes remained thin and US financial markets were closed due to the Martin Luther King Jr Day celebration.

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

There is significant resistance at $43,120. An analysis of the weekly Bitcoin price movement was provided by an anonymous cryptocurrency trader and Twitter user (NYSE: ‘Rekt Capital’), who posted the chart below showing that the cryptocurrency is trading near a well-established support and resistance area. .

Read the full article on Cointelegraph

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