Bitcoin Can Hit $42,000 If BTC Doesn’t Hold This Level, Analyst Shares Key Levels To Watch

Crypto trader Scient simplifies the Bitcoin (BTC) local scenario, offering a concise breakdown of key levels to watch. Here’s the latest analysis:

Current Resistance: Bitcoin is currently trading under the critical resistance level of $47.1k. The range from $47.1k to $49k forms a formidable resistance block. A breakthrough at $47.1k could pave the way for the next target at $49k.

Notably, there’s an FVG gap of $45.3k–45.5k resulting from yesterday’s market movement. Scient eyes this range for potential long positions, awaiting a trigger to initiate fresh positions.

Critical Support at $44.4k: Emphasizing a must-hold level, Scient identifies $44.4k as crucial. A breach of this support could lead to the next level at $42k. Maintaining patience and discipline is paramount in maneuvering through these critical levels.

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Scient advocates a disciplined and patient approach, advising traders to play the market level by level. This strategic mindset aligns with the increased Bitcoin volatility, where precise execution at key levels becomes pivotal.

As the trader shared, staying attuned to these identified levels can guide traders in making informed decisions amid Bitcoin’s local movements.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!