Key levels: Resistance Levels: $48,000, $50,000, $52,000

Support Levels: $38,000, $36,000, $34,000

Bitcoin/USD has rebounded from $46,000 after a negative correction on the daily chart. Bitcoin/USD has rebounded from intraday lows of $42,118 to trade at $42,477 in the European session today. As the king coin rises toward the 9-day and 21-day moving averages, its price is currently 0.51 percent higher on the day.

It is predicted that the price of Bitcoin (BTC) would rise above $44,000.

The Bitcoin price has yet to fall below the $42,000 barrier on the daily chart. As a result, the first digital asset is presently approaching the moving averages. The Relative Strength Index (14), a technical indicator, shows that the signal line is expected to cross above the 50-level, indicating that the Bitcoin price will once again climb towards $45,000, which is the potential resistance level.

If the price breaks above the 9-day and the 21-day moving averages over $48,000, $50,000, and $52,000, we could see a significant bullish rise above these levels. And should the sell-off continue to fail to restrain itself, BTC/USD might fall below the support levels of $38,000, $36,000, and even more critically, $34,000 in the short term if the market takes a sharp turn south.

Bearish long-term trend This is a 4H Chart

BTC is currently trading at $42,509 on the 4-hour chart. However, despite the fact that Bitcoin has yet to reach $43,000, it appears to be making a reversal. As a result, it may take some time for Bitcoin's price to rise above the resistance of the 9-day and 21-day moving averages.

The technical indicator Relative Strength Index (14) is moving in the same direction as BTC/USD at the moment, and the upward movement may bring the currency to hit the nearest resistance level at $44,000 and above, while the immediate support comes at $41,000 and lower.