However, the cryptocurrency is facing the first key resistance at $42,000, which if cleared, can send Bitcoin to test $44,500 – another resistance level. In the case Bitcoin clears the resistance at the $44,200 level, it could approach the weekly supply zone, extending the asset to $51,860. But, this push will require massive buying pressure and is unlikely to happen.
On the other hand, if Bitcoin fails to go above the resistance level, it could start a downside correction; first near the $42,748 level and then to $41,700. A higher retrace could also send BTC near $37,030.
Therefore, in the short run, investors can expect Bitcoin to go down to its weekly support level anywhere near $42,000. The long-term outlook shows a bullish trend that could trigger the price of Bitcoin close to $52,000.
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