FX.co ★ Bitcoin finds temporary support

The price of Bitcoin is trading in the red at 43,523 on the H4 chart. In the short term, the crypto tried to rebound and recover after its last sell-off. Still, the pressure remains high, the BTC/USD could drop deeper anytime.

BTC/USD increased by 2.91% from 42,741 yesterday's low to 43,986 today's high. In the last 24 hours, the crypto is down by 0.20% and by 4.03% in the last 7 days. A deeper drop could force the altcoins to drop as well.

BTC/USD Rebound!

BTC/USD found support on the 50% (42,915) level and now is traded back above the channel's downside line, above the inside sliding line (SL). In the short term, it's trapped between the SL and the upper median line (UML).

A new lower low, making a valid breakdown below the 50% retracement level could open the door for a larger drop. On the other hand, staying above to sliding line (SL), BTC/USD could try to develop a larger rebound.

BTC/USD Outlook!

In the short term, the selling pressure remains high, despite temporary rebounds. Dropping and closing below 42,741 yesterday's low could activate more declines toward the descending pitchfork's median line (ML).

Also, a larger rebound, coming back to test and retest the upper median line (UML) could bring new short opportunities if the UML holds.