Bitcoin Faces Initial Resistance at $46K; Support at $42K

Bitcoin Faces Initial Resistance at $46K; Support at $42K

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On the weekly chart, BTC established a higher price low relative to the June 2021 bottom of around $28,800. The latest cycle low was achieved this year on Jan. 24 at $33,100, indicating renewed buying strength. Further, momentum signals are on the verge of turning positive, which could support a short-term relief rally.



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