Yesterday, the cryptocurrency market continued its bearish correction. Bitcoin and all major altcoins were trading in the red zone. The price of Bitcoin fell below $43000 for the first time in two weeks.
Mike Novogratz believes that BTC has taken a break. According to the billionaire, the Federal Reserve is on a tight stance consequently, we see a retreat in risky assets. The situation will change when the Fed refuses a new increase in the discount rate. After the stabilization of monetary policy, the resumption of growth in the price of Bitcoin will become inevitable, Novogratz suggests.
The chart clearly shows that after trying to rise above 48000, the price of Bitcoin reversed and began to descend. It has been demonstrating a bearish correction for 10 days. First, the price tested the support level of 44500. Yesterday, the price tested the level of 43000. This level provided enough support for the BTC/USD pair. On the 4-hour chart, the BTC price is forming a downtrend, which gives support in the area of 43000. At the time of publication, the BTC/USD pair is drawing the third bullish candle in a row, trading around 43450. However, the pair is still trading below the MA100. The nearest resistance for the BTC/USD pair is the mark of 44250. The 45000 level provides the key resistance. A successful break of this level will return the uptrend and allow the pair to continue rising to the area of 46000.
On the other hand, if the bears manage to push the price of Bitcoin below $43000, we will see a decline towards the support of 42800. A break of this level will increase pressure and provoke a descending to the area of 42000.
