Price Prediction: $42K is the level where Bitcoin (BTC) faces resistance as it reclaims $40K

The Bitcoin Value Drops When you have $42K in Bitcoin, you now have $40K.

As Bitcoin reclaims $40K, BTC/USD has surged above its moving averages. Near its all-time high of $41,500, the biggest cryptocurrency is seeing firm opposition. The latest high has been backtracking. Bitcoin's downward correction will resume if the moving averages are broken.

  • Resistance Levels: $70,000, $75,000, $80,000
  • Support Levels: $50,000, $45,000, $40,000

bitcoin

Yesterday, the price of Bitcoin (BTC) rose after breaking through the moving averages. It was impossible for the bullish momentum to continue since the bears sold at every rise in price. Since February 10, the price has been moving in this direction. To counter bullish buying, bearish selling occurs during each rise. There is every sign that Bitcoin will ascend to retest the $45,000 overhead resistance if it retraces and finds support above the moving averages. If buyers can surpass the $45,000 overhead barrier, BTC's price will soar above $50,000. In other words, if bears breach below the moving averages, the market will collapse and begin a negative correction again. It is expected that BTC/USD will be forced to move between $37,500 and $45,400.

Malware That Steals Bitcoins Must Be Monitored by Crypto Users.

Tech journalist and crypto phile Louis Nel recounted a story about his acquaintance "C." Malware on his computer resulted in the theft of around $10,000 from this unfortunate Bitcoin user. Malware on his PC tricked him into transmitting 0.255 Bitcoin to the wrong address. Kraken forwarded Mr. C.'s Bitcoin to VALR, a South African exchange, where it was exchanged into Rands. When he pasted the copied data, spyware on his computer intercepted it and replaced it with a new wallet address. Even though the VALR exchange acknowledged the transfer, it said that the wallet address used to make the payment did not belong to them.

Using the wallet address in question, Louis Nel stated that there are nine additional transactions there. There is a strong possibility that this wallet address has been swindled by others. The wallet is worth 0.27 BTC, yet no money has been transferred out of it. One malware bot was predicted to have stolen $500,000 in the year 2021, according to a research by Chainalysis. It is your responsibility to ensure your own safety when using Bitcoin and other cryptocurrencies, according to Nel's advice. The first four to six characters and the last four to six characters of wallet addresses should always be checked to confirm that they are same.

btc 4h chart
BTC/USDT 4h Chart; Source: Tradingview

The price of Bitcoin continues to rise despite a recent setback as it reclaims $40K. As Bitcoin resumed its upward trajectory, the retracement receded. To restart the uptrend, buyers need to break through the first level of resistance at $41,500. The overbought area is causing the coin to fall out of favor.

** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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