Bitcoin dropped in the last hours and now is traded at 42,469.15 at the time of writing. BTC/USD climbed as much as 45,332.38 yesterday where it has found resistance. It has dropped by 6.77% from yesterday's high to 42,263 today's low.
In the last 24 hours, Bitcoin is down by 4.23%, but it's up by 18.14% in the last 7 days. Technically, the current drop could be only a temporary one before trying to develop a new leg higher.
BTC/USD Turned To The Donwside!As you can see on the H4 chart, BTC/USD failed to stabilize above the ascending pitchfork's median line (ml). It has failed to reach the 45,501 former high which represents a static resistance.
After its amazing rally, a temporary drop was somehow expected. The next downside target could be represented by the weekly R1 (40,595.62). 40,330.99 previous high stands as static support as well. It could come back down to test and retest these levels.
BTC/USD Outlook!After its strong growth, a temporary retreat was expected. The current drop could help the buyers to catch a new bullish momentum. Personally, I will search for new buying opportunities after the retreat ends.
In my opinion, as long as it stays above the 40,330 - 40, 000 area, BTC/USD could develop a strong upwards movement.