Bitcoin Struggles to Break Resistance
The price of Bitcoin attempted to break above the $43,200 level but faced resistance and failed to reach the $44,000 resistance zone. As a result, the price started to decline and fell below $43,200.
Currently, Bitcoin is trading below both $43,000 and the 100 hourly Simple Moving Average. It is also consolidating below the 61.8% Fibonacci retracement level of its upward move from the $41,637 swing low to the $43,792 low.
A key bearish trend line is forming with resistance near $42,550 on the BTC/USD hourly chart. The first major resistance is at $43,000, and a close above this level could push the price higher.
Possible Downward Movement for Bitcoin
If Bitcoin fails to rise above the $43,000 resistance zone, it may continue to decline. The immediate support on the downside is near $42,150. The next major support level is around $41,650.
If the price drops below $41,650, there is a risk of further losses. In this scenario, Bitcoin could fall towards the $40,500 support level in the near future.
Technical indicators show that the MACD is gaining momentum in the bearish zone and the RSI for BTC/USD is currently below 50.
Source: BTCUSD on TradingView.com
Hot Take: Bitcoin Faces Resistance at Key Levels
The recent attempt by Bitcoin to break above resistance levels has been unsuccessful, resulting in a decline in price. Bitcoin is now trading below crucial levels such as $43,000 and the 100 hourly Simple Moving Average. The presence of a bearish trend line and resistance near $42,550 further adds to the challenge.
If Bitcoin fails to overcome these obstacles, it could experience further downward movement. Immediate support lies at $42,150, with a major support level at $41,650. Technical indicators suggest a bearish trend, indicating potential losses in the near term.
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