The price chart shows that the BTC/USD pair is facing strong selling pressure above $45000. The BTC/USD pair tried twice to overcome the level of 45000 and stay there, but unsuccessfully. Yesterday, after such an attempt, the BTC/USD pair bounced down below 44000.
On the hourly chart, the BTC/USD pair fell below the uptrend line and below the 100-hour moving average line. Thus, the pair fell below the support of 43800 and is trading in the area of 43300 at the time of publication. The level of 43000 is still an important support level for the BTC/USD pair. A breakdown of this level will mean a decrease in the BTC/USD pair to the support area of 42600-42500. A move below this area could trigger a serious decline towards the level of 41200.
If the bulls manage to stop the decline, they will try to return the price of Bitcoin, first above the 100-hour moving average, then above $44000. The next key resistance is in the area of 44250. An upside break above this level would allow retest the level of 45000.
It is worth noting that the exchanges continue to fix the withdrawal of coins. According to Glassnode, the BTC exchange balance is at a three-year low, while the stablecoin exchange balance, on the contrary, is growing. CryptoQuant fixed it at $27.2 billion.
Source: CryptoQuant
It is quite possible that we are in for a new bullish rally for Bitcoin. Such a scenario is possible if the stablecoins entering the exchanges convert into cryptocurrencies.
