Bitcoin Faces Resistance Near $44,500
The price of Bitcoin is currently facing a significant hurdle near the $44,500 resistance zone. It is trading below $44,000 and the 100 hourly Simple Moving Average. Additionally, there was a break below a key bullish trend line with support at $44,000 on the BTC/USD pair’s hourly chart.
Attempts to Break Resistance
Bitcoin made several attempts to gain strength above $44,500 but was met with resistance from bears. The price reached a high near $44,483 before showing bearish signs. It dropped below the $44,000 support zone and traded below the 50% Fib retracement level of the upward move from the $42,480 swing low to the $44,483 high.
Potential Decline in Price
If Bitcoin fails to rise above the $44,000 resistance zone, it may continue to move down. Immediate support on the downside is near the $43,200 level or the 61.8% Fib retracement level. The next major support is around $42,800, and a further drop could lead to bearish momentum towards the $42,150 support.
Possible Scenarios
On the upside, immediate resistance is at $44,000 with major resistance forming near $44,500. A close above this level could push the price higher towards the next major resistance at $45,450. Further gains above $45,450 could potentially lead to a move towards the $46,200 level.
Technical Indicators
The MACD indicator is currently gaining pace in the bearish zone. The RSI for BTC/USD is now below 50.
Hot Take: Bitcoin Struggles to Break Resistance, Faces Potential Decline
Bitcoin is currently facing a major hurdle in breaking the $44,500 resistance zone. Despite attempts to gain strength, the price remains below $44,000 and shows bearish signs. If the resistance is not overcome, there is a possibility of further decline towards support levels at $42,800 and $42,150. On the other hand, a successful break above $44,500 could lead to higher prices and potential gains towards $45,450 and even $46,200.
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