Bitcoin sudden price decline triggered a mad selling spree among investors running to save themselves from further losses. A record 10,500 Bitcoin tokens were liquidated across major crypto exchange platforms due to the cascading selling spree experienced during the latest price downturn
According to technical analysis, Bitcoin bulls appear wobbly and lacking the stamina to extend Bitcoin's gains towards the $50,000. Such a price movement would invalidate most of the losses experienced in the latest market crash and eliminate all bearish narratives. The latest price upsurge to $42,000 marks a 24 percent recovery from Bitcoin's $32,000 support level.
At present, the $32,000 price region is emerging as a significant support level, while the current $42,000 price region is emerging as a formidable resistance level. Meanwhile, it appears the bulls are focused on seeing the flagship crypto-asset bypass the upper boundary of the descending parallel channel. With the $40,000 price region also emerging as a formidable support line for Bitcoin, bulls can now focus on pushing the crypto past the $43,000 and $47,000 resistance barriers.