Bitcoin (BTC) is approaching the resistance level at $42,594, in case it fails to break it, the price is likely to drop towards an important support level to watch, which is the price action averages crossover.
And in case the price of the coin rebounds from the level of the intersection of the price moving averages, it is likely to resume its bull run and may break the overhead resistance, and if this is achieved, the coin is expected. to rise to $45400 and from there to the resistance line of the ascending channel.
Conversely, if the price falls below the crossover of the price action averages, BTC price could drop to $37,000, and a bounce off this support would suggest that the cryptocurrency will remain restricted within the $37,000-$37,000 range. 42,594 for a few days.
From the 4-hour chart, it looks like there is a strong defense of the overhead resistance at $42.594 by the bears.
If the price bounces off the 20-day EMA crossover, the coin is likely to rally above the overhead resistance and if it does, there will be a fresh high towards $45,400.
Conversely, if the price breaks below the 20-day EMA crossover, this will indicate that short-term traders may be selling near the overhead resistance, which pushes the price towards the 50-day EMA crossover. (SMA), and if the price breaks below this support, the drop could extend to $37,000.