This YouTube video discusses the recent decrease in the price of Bitcoin to a crucial support level of $42,594 on April 7th. Despite this, there is a positive sign as the bulls have managed to hold this level. The long tail on the candlestick on April 8th suggests that the bulls are continuing to defend this level strongly. The moving averages have settled, and the RSI indicator is close to the midpoint, indicating a balance between supply and demand. Traders are now trying to push the price above the 20-day EMA of $43,314 and the critical upper resistance at $45,500. If successful, Bitcoin could challenge the 200-day EMA of $48,220. However, if the price is rejected from the 20-day EMA or $45,400, it would suggest that the bears are selling on every high. The bears would then try to pull the pair below the 50-day SMA of $41,789, with the potential to extend to the rising support line.
