Bitcoin has been under heavy selling pressure in the last few minutes and fell below the $45,000 level. This development comes after a negative lawsuit in the ETF process and macroeconomic data made public in the US on January 11. The publication of the fake approval announcement on the SEC’s official X page on the night of January 11 caused concern among investors.
Bitcoin Chart Analysis
Bitcoin, which dropped to $45,007 at the time of writing this article, has recently attracted attention with its channel formation structure. After Wall Street opened in the USA on January 11, Bitcoin managed to break the formation resistance by rising to $ 49,000, but this move was still a bull trap and caused losses for many investors.
The main support levels to watch out for on the Bitcoin hourly chart are $44,710/$44,300 and $43,712. In particular, an hourly close below the $44,710 level could lead to increased selling pressure on the Bitcoin front.
The key resistance levels to watch on Bitcoin’s hourly chart are $45,368/45,855 and $46,531. In particular, the hourly bar closing above the $45,855 level intersecting with the EMA-21 level (blue line) will help alleviate the selling pressure on the Bitcoin front.
