Claim BonusBTC Price Analysis: Bitcoin Bulls look to scale Into a Break of $43200 As Leverage Piles Up Again
The recent bearish statement by the People’s Bank of China labeling all cryptocurrency related transactions as illegal followed by a decline in Bitcoin-Blockchain Miners’ revenue [BCHAIN/MIREV] suggests the recent slump in the Bitcoin BTC price.
Earlier this month, the BTCUSDT crypto pair traded above the 200-period Moving Average on the H4 time frame as shown above.
BTCUSDT 4 Hr Chart
As early buyers scamper to exit their positions following the regular bearish divergence on the H4 time frame, the BTC price plummets by roughly 19%, signaling a switch to a bearish trend.
The RSI [4] on the daily time frame traded above level-25 for 44 days and for the first time, slumped below the level on 05 September, indicating a change in trend triggered by the bearish divergence setup mentioned earlier.
The daily time frame dictates the trend bias of the BTCUSD at the moment, while the H4 time frame signals entry levels with overbought or oversold.
At this point, the overbought level of the H4 time frame and bearish divergence setups now serves as entry into the newly formed downtrend. An attempt by the bulls to force the price above 14 September bearish divergence trend line [H4 time frame] gave in to another bearish divergence pattern on 18 September, which again caused the BTC price to nosedive by another 18%.
Recently, the bulls now have a support level established at the $39571.00 mark. Further price close below this level indicates a strong presence of the bears. Conversely, a price close above the 24 September resistance [44978.40], and a close above the MA200 should confirm the long-awaited upbeat trend.
Most importantly, the RSI [4] value above level-75 on the daily time frame confirms the current mid-term bearish trend of the BTCUSDT.
Bitcoin BTC Intraday Levels
- Spot rate: 42572.80
- Mid – Term Trend [H4]: Bearish bias
- Volatility: Low
- Support: $39,571.00 and $40,683.00
- Resistance: $52667.20, $48,623.4 and $44978.40
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- India’s Crypto Taxation Unchanged as the Existing 30% Tax Retains
- Crypto News: Strategy Bitcoin Underwater After 30% BTC Crash
- Expert Predicts Ethereum Crash Below $2K as Tom Lee’s BitMine ETH Unrealized Loss Hits $6B
- Bitcoin Falls Below $80K as Crypto Market Sees $2.5 Billion In Liquidations
- Top Reasons Why XRP Price Is Dropping Today
- Here’s Why MSTR Stock Price Could Explode in February 2026
- Bitcoin and XRP Price Prediction After U.S. Government Shuts Down
- Ethereum Price Prediction As Vitalik Withdraws ETH Worth $44M- Is a Crash to $2k ahead?
- Bitcoin Price Prediction as Trump Names Kevin Warsh as new Fed Reserve Chair
- XRP Price Outlook Ahead of Possible Government Shutdown
- Ethereum and XRP Price Prediction as Odds of Trump Attack on Iran Rise
