Bitcoin Price Starts a Major Decline
Bitcoin’s price has experienced a significant decline after facing resistance at the $49,000 zone. The cryptocurrency is currently trading below $43,250 and the 100 hourly Simple Moving Average (SMA).
A Key Declining Channel Forms
An important declining channel is forming with resistance near $43,050 on the BTC/USD hourly chart. If the price remains below the $43,250 resistance zone, it could initiate a fresh decline.
Bitcoin Price Turns Red
Bitcoin’s price has started a major decline from the $49,000 resistance zone. It has dropped below the $46,500 and $45,000 support levels, entering a short-term bearish zone.
The bears have even pushed the price below the $42,500 support zone before the bulls stepped in. The price is currently consolidating losses after reaching a low near $41,476.
Bitcoin is now trading below $43,250 and the 100 hourly SMA. There is also a key declining channel forming with resistance near $43,050 on the hourly chart of the BTC/USD pair.
Potential Upside Resistance
The immediate resistance for Bitcoin is around the $43,000 level and within the channel zone. The first major resistance lies at $43,250 or the 100 hourly SMA. A clear breakthrough above this resistance could push the price towards the next resistance level at $44,450.
Possible More Losses in BTC
If Bitcoin fails to rise above the $43,250 resistance zone, it may experience further declines. The immediate support on the downside is around the $42,120 level.
The next major support level is at $41,500. A close below this level could trigger bearish momentum and potentially lead the price towards the $40,000 support level.
Technical Indicators
The hourly Moving Average Convergence Divergence (MACD) is currently showing a loss of pace in the bearish zone. The Relative Strength Index (RSI) for BTC/USD is below the 50 level.
Hot Take: Bitcoin’s Price Faces Significant Decline After Hitting Resistance
Bitcoin’s price has experienced a notable decline after encountering resistance at the $49,000 zone. It is now trading below key support levels and faces the possibility of further losses if it fails to break above resistance. The formation of a declining channel suggests a bearish trend, with immediate support levels identified. Technical indicators show a weakening bearish momentum. Traders should closely monitor the price movement and consider potential entry or exit points based on these developments.
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