17 February, 2022 – Recently observed in the cryptocurrency market, Bitcoin prices revisited the area sought to be the key resistance level at $44320.00 (which has been reversing the price from the start of January) and the 61.8% Fibonacci correction of the previously witnessed sharp downward impulse wave (C) from the end of December 2021. This downward reversal managed to temporarily stop the earlier medium-term upward impulse wave (3).
Given the moderately bearish sentiment that can be seen across the cryptocurrency market today – Bitcoin prices are expected to fall even further toward the next support level of $42000.00 (low of the previous intermediate corrective wave (2) from the start of February 2022). If the price breaks above $44320.00 – Bitcoin would then rise to the next resistance at $46000.00 (top of wave (1)).