Bitcoin Price Soars High and Touches $42K, Strong Correction Opportunity Awaits?

Bitcoin Price


Bitcoin's price has been attracting a lot of attention lately, mainly due to its stellar performance, setting a new highest level this year, soaring more than 170% from its price at the beginning of 2023.

This also seems to have influenced other cryptos, altcoins, to move higher and mark their own impressive performances, with some even outpacing the main crypto in terms of percentage increase.

From a technical standpoint, Red Blue Crypto has observed a strong resistance area awaiting Bitcoin, right above the $42K level.


Based on the image above, this area is formed between the 0.5 and 0.618 Fibo Retracement levels, which is also the area where a great Bearish push continued in the last week of March and the first week of April in 2022. It marked the beginning of the crypto market's further suffering during the crypto winter.

The RSI indicator is also above the overbought territory, nearing the 80 mark at the time of writing, signaling traders to be wary of corrections and profit-taking actions.

If a correction does occur, Red Blue Crypto estimates the decline could reach the $32K - $30K range. This was also a strong previous resistance area that was breached in this year's bullish push, before truly leaving the bottom point in the $16k range.

The potential approval of a Bitcoin ETF in January 2024 and the upcoming halving seem to be another major driver for the BTC price to reach its previous ATH and set a new ATH, which many experts predict to reach a 6-digit figure, $100K. Let's just wait and see." [pc]


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