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BTC price levels to watch as Bitcoin whales ‘lure’ market to $42K

Bitcoin analysis is getting more and more suspicious of the “up only” BTC price action in recent days.

Bitcoin (BTC) faces sharp volatility as the new week begins with BTC price action focusing on $42,000 — can it endure?

The largest cryptocurrency, fresh from weekend gains that topped 10%, is still keeping traders guessing over its next move.

While a trip to $40,000 was well anticipated, the question now is whether or not the latest move represents the beginning of a new trend or, conversely, a new bull trap.

Appraisals currently vary widely, with bullish and bearish perspectives battling for vindication.

Cointelegraph takes a look at the most important support and resistance levels now in play after recent BTC price performance reshapes the market landscape.

BTC/USD is currently trading at around $41,600, per data from Cointelegraph Markets Pro and TradingView, having hit 19-month highs of $42,160 earlier on the day.

BTC/USD 1-hour chart.

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