{"id":567830,"date":"2024-01-03T20:00:54","date_gmt":"2024-01-03T20:00:54","guid":{"rendered":"https:\/\/wncen.com\/?p=567830"},"modified":"2024-06-11T08:01:50","modified_gmt":"2024-06-11T08:01:50","slug":"bitcoin-push-49000-support-holds-analyst","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-push-49000-support-holds-analyst\/","title":{"rendered":"Bitcoin Plunges Below Support As Price Crashes To $42,500"},"content":{"rendered":"

Bitcoin appeared to have been securely floating above support just earlier, but today, the picture has changed as the price has suddenly crashed to $42,500.<\/p>\n

Bitcoin Has Crashed More Than 6% During Past 24 Hours<\/h2>\n

Bitcoin had kicked off 2024 with some sharp bullish momentum as the market had been looking toward the potential ETF approvals<\/a> with hopeful eyes. The asset had only been at the $45,000 level not seen since April 2022 for just a couple of days before the price suddenly crashed.<\/p>\n

Related Reading: $3,830 & $5,100 Next Major Ethereum Targets According To This Model<\/a><\/div>\n

The chart below shows how cryptocurrency has performed during the past few days.<\/p>\n

\"Bitcoin<\/p>\n

Looks like the coin's price has plummeted during the last 24 hours | Source: BTCUSD on TradingView<\/a><\/pre>\n
During this plunge, Bitcoin had briefly hit a low under $41,500, but the cryptocurrency has since seen a bit of a rebound as its price is now trading around the $42,500 level.<\/p>\n
As is usually the case, the rest of the sector has also plunged alongside the original digital asset, with most coins registering drawdowns of even greater degrees.<\/p>\n
Just before this crash, Bitcoin had been floating above a critical support line and appeared set to continue its recent bullish momentum.<\/p>\n
Bitcoin Had Broken Above An Ascending Triangle Pattern With Recent Rally<\/h2>\n
In a post<\/a> on X before the crash, analyst Ali had discussed where the Bitcoin price might be heading after its break above the $45,000 level based on technical analysis data. Below is the chart that the analyst shared in the post.<\/p>\n
\"Bitcoin<\/p>\n
The pattern that had formed in the 4-hour price of the cryptocurrency | Source: @ali_charts on X<\/a><\/pre>\n
In the graph, Ali highlighted an Ascending Triangle pattern that Bitcoin appeared to have successfully broken out of with the price surge. An “Ascending Triangle<\/a>” refers to a continuation pattern of two trendlines forming a triangular shape.<\/p>\n
One of the trendlines is a horizontal level made by connecting highs in the asset, while the other is a diagonal line that joins together higher lows. The pattern is “ascending” in its name as the overall consolidation between these two trendlines narrows towards the upside.<\/p>\n
Generally, when the price retests the horizontal level, it could likely feel some resistance and form a local top. If the resistance is broken through, it could be a sign that the asset would now display some continued upward momentum.<\/p>\n
Similarly, the diagonal line is usually a point of support for the asset, and sustained breaks below could be to watch out for, as they can signal that a bearish trend is taking over.<\/p>\n
Related Reading: Bitcoin\u2019s Road To Record Heights: Analysts Forecast Post-Halving Surge<\/a><\/div>\n
From the chart, it’s visible that Bitcoin had gained some distance over the triangle above earlier and had appeared to be finding support at the 0.786 Fibonacci<\/a> ratio, which is situated at around $44,900 for the asset.<\/p>\n
Ali had noted that if sustained buying would continue at this support, Bitcoin might be able to push towards the $49,000 level. But as it has turned out, the market had other plans for the cryptocurrency, as its price has plunged far below this support level.<\/p>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin appeared to have been securely floating above support just earlier, but today, the picture has changed as the price has suddenly crashed to $42,500. Bitcoin Has Crashed More Than 6% During Past 24 Hours Bitcoin had kicked off 2024 with some sharp bullish momentum as the market had been looking toward the potential ETF approvals with hopeful eyes. The asset had only been at the $45,000 level not seen since April 2022 for just a couple of days before the price suddenly crashed. Related Reading: $3,830 & $5,100 Next Major Ethereum Targets According To This Model The chart below shows how cryptocurrency has performed during the past few days. Looks like the coin’s price has plummeted during the last 24 hours | Source: BTCUSD on TradingView During this plunge, Bitcoin had briefly hit a low under $41,500, but the cryptocurrency has since seen a bit of a rebound as its price is now trading around the $42,500 level. As is usually the case, the rest of the sector has also plunged alongside the original digital asset, with most coins registering drawdowns of even greater degrees. Just before this crash, Bitcoin had been floating above a critical support line and appeared set to continue its recent bullish momentum. Bitcoin Had Broken Above An Ascending Triangle Pattern With Recent Rally In a post on X before the crash, analyst Ali had discussed where the Bitcoin price might be heading after its break above the $45,000 level based on technical analysis data. Below is the chart that the analyst shared in the post. The pattern that had formed in the 4-hour price of the cryptocurrency | Source: @ali_charts on X In the graph, Ali highlighted an Ascending Triangle pattern that Bitcoin appeared to have successfully broken out of with the price surge. An “Ascending Triangle” refers to a continuation pattern of two trendlines forming a triangular shape. One of the trendlines is a horizontal level made by connecting highs in the asset, while the other is a diagonal line that joins together higher lows. The pattern is “ascending” in its name as the overall consolidation between these two trendlines narrows towards the upside. Generally, when the price retests the horizontal level, it could likely feel some resistance and form a local top. If the resistance is broken through, it could be a sign that the asset would now display some continued upward momentum. Similarly, the diagonal line is usually a point of support for the asset, and sustained breaks below could be to watch out for, as they can signal that a bearish trend is taking over. Related Reading: Bitcoin\u2019s Road To Record Heights: Analysts Forecast Post-Halving Surge From the chart, it’s visible that Bitcoin had gained some distance over the triangle above earlier and had appeared to be finding support at the 0.786 Fibonacci ratio, which is situated at around $44,900 for the asset. Ali had noted that if sustained buying would continue at this support, Bitcoin might be able to push towards the $49,000 level. But as it has turned out, the market had other plans for the cryptocurrency, as its price has plunged far below this support level. Featured image from Kanchanara on Unsplash.com, charts from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":567884,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,91044,6481,748,1119,1144],"class_list":["post-567830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-ascending-triangle","tag-bitcoin-rally","tag-bitcoin-support","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Plunges Below Support As Price Crashes To $42,500<\/title>\n<meta name=\"description\" content=\"Bitcoin appeared to have been securely floating above support just earlier, but today the picture has changed as the price has flash crashed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Plunges Below Support As Price Crashes To $42,500","url":"http:\/\/wncen.com\/news\/bitcoin-push-49000-support-holds-analyst\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-push-49000-support-holds-analyst\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/kanchanara-7E3QGntO66M-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/kanchanara-7E3QGntO66M-unsplash.jpg?fit=6048%2C4024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin ascending triangle","bitcoin rally","bitcoin support","btc","btcusd"],"dateCreated":"2024-01-03T20:00:54Z","datePublished":"2024-01-03T20:00:54Z","dateModified":"2024-06-11T08:01:50Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Plunges Below Support As Price Crashes To $42,500\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-push-49000-support-holds-analyst\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-push-49000-support-holds-analyst\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/kanchanara-7E3QGntO66M-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/kanchanara-7E3QGntO66M-unsplash.jpg?fit=6048%2C4024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin ascending triangle\",\"bitcoin rally\",\"bitcoin support\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-01-03T20:00:54Z\",\"datePublished\":\"2024-01-03T20:00:54Z\",\"dateModified\":\"2024-06-11T08:01:50Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/kanchanara-7E3QGntO66M-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/567830"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=567830"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/567830\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/567884"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=567830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=567830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=567830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}