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Will Bitcoin drop below the USD 45,000 support level?



The cryptocurrency market is not having a good month and asset prices continue to drop.

The cryptocurrency market has underperformed since hitting an all-time high a month ago. The cryptocurrency's total market cap hit $ 3 trillion a month ago when Bitcoin and Ether hit new all-time highs.

However, Bitcoin and the broader market have done miserably since then. Bitcoin's price has fallen more than 30% from the all-time high of $ 69,044 and is currently struggling below the $ 50,000 mark.

The losses were due to various catalysts in the past few weeks. The advent of the Omicron variant of the coronavirus had an impact on global financial markets, including Bitcoin. The Evergrande also hit the financial markets recently and Bitcoin is also affected.

At the time of writing, Bitcoin is battling just above $ 47,000, down more than 10% over the past week. The losses were massive and several other cryptocurrencies also posted similar losses.

However, market experts and analysts assume that the price of Bitcoin will remain above the USD 40,000 level in the short term. However, the cryptocurrency could be forced to defend the $ 45,000 resistance level if current market conditions persist.

An overview of important levels

The BTC / USD 4-hour chart is bearish, similar to other cryptocurrencies on the market. The MACD line is in the bearish territory while the RSI of 44 shows that Bitcoin will soon be entering the oversold territory.

If the current market conditions are maintained, Bitcoin could be forced to defend the first major support level at $ 46,245 in the coming hours. In the event of a prolonged bearish performance, Bitcoin could drop below the psychological level of USD 45,000 for the first time since October. The second major resistance level is at $ 43,266.

On the flip side, Bitcoin could turn things around and rebound towards the USD 51,000 resistance level over the weekend. If the rally can continue, Bitcoin could cross the $ 54,000 mark in the next few days.

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