Bitcoin Price Struggles to Break Resistance
The price of Bitcoin made another attempt to surpass the $43,400 and $43,500 resistance levels but was unsuccessful. As a result, BTC has started to decline once again and is currently trading below $43,000 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there is a major rising channel forming with support at $42,400.
Bitcoin Holds Support Level
After failing to break resistance, Bitcoin’s price has dropped below $43,000 and is consolidating losses. The immediate support level is at $42,900, near the 50% Fibonacci retracement level. The next key resistance levels are at $43,200 and $44,200. A clear move above these levels could lead to a decent increase in price.
Possible Downside Break in BTC
If Bitcoin is unable to rise above the $43,000 resistance zone, it may experience another decline. The first major support level is at $42,320, followed by $42,250. If the price closes below $42,250, it could gain bearish momentum and potentially drop towards the $41,200 support level.
Technical Indicators
The MACD indicator on the hourly chart is showing bullish momentum for Bitcoin. The RSI indicator for BTC/USD is currently above the 50 level.
Hot Take: Bitcoin Price Struggles to Break Resistance Once Again
Despite multiple attempts to break through resistance levels, Bitcoin’s price has been unable to sustain upward momentum. It is now trading below key levels and faces the risk of further decline if it fails to surpass resistance. However, if buyers manage to push the price above $43,500, it could signal a bullish trend and potentially lead to further gains. Traders should closely monitor the support and resistance levels to gauge the next move in Bitcoin’s price.
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