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Bitcoin price drops to $ 42,000 - is the big recovery coming now?



The Bitcoin price has stabilized after the big crash of the last few days and rose to $ 42,000. The first signs point to a stabilization of the course. Could Bitcoin now recover quickly and will we soon see a trend reversal again?

Bitcoin price goes back to $ 42,000 after the price crash

The Bitcoin course had to suffer in the last few days. Due to several circumstances, we saw a breakthrough the lower resistance at $ 46,000. Bitcoin first fell to $ 43,000, then later to below $ 42,000. 

On Monday there was even a short-term drop to $ 39,600. This was the first drop below the $ 40,000 mark since September last year. However, the Bitcoin price has now recovered from the crash and is now stabilizing at $ 42,000.

Is it possible to recover from the Bitcoin course?

Over the past few weeks, investors have repeatedly hoped for a trend reversal in the Bitcoin price. When the price rose above $ 51,000 just before Christmas, it looked like a real recovery back to bullish weeks. However, the price went back to $ 46,000 and then saw the next crash in January.

The hope now is that the bears have lost their strength in this correction and have been driven out of the market. However, on-chain data show that the open interest, i.e. the sum of the open positions, has risen sharply again. That suggests another big move to be expected.

Rise or another crash towards $ 30,000?

If the open positions are liquidated, it could well be that the Bitcoin price moves in the direction of $ 30,000. Should that happen, the bears would be swept out of the market for good. We experienced something similar at the end of the correction in September last year.

However, a bigger move back to $ 46,000 is possible. That would be a prerequisite for going back to the $ 50,000 area. In both scenarios we would see a bullish trend for the Bitcoin price again in the medium term.

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