Bitcoin Price Continues to Decline
The price of Bitcoin is currently following a bearish path, remaining below the $43,500 level. It is also trading below $43,000 and the 100 hourly Simple Moving Average. On the BTC/USD hourly chart, there is a significant bearish trend line forming with resistance around $43,200.
If this bearish trend continues, the pair could potentially move further down towards the $40,500 and $40,000 support levels.
Bitcoin Price Struggles to Recover
Bitcoin’s price has been struggling to make a fresh increase above the resistance levels at $43,500 and $43,650. The cryptocurrency experienced a short-term peak and has since declined below the $43,000 level.
The price dropped below $42,500 and $42,300 and even went below $42,000 briefly. However, it has since rebounded and is attempting to increase again. Bitcoin’s price is currently trading below $43,000 and the 100 hourly Simple Moving Average.
There is also a key bearish trend line forming on the BTC/USD hourly chart with resistance near $43,200.
Potential for More Losses in Bitcoin
If Bitcoin fails to surpass the resistance zone at $43,000, it may experience another decline. The immediate support level on the downside is around $42,000.
The next major support level is near $41,620. If the price drops below this level, there is a possibility of further losses. In such a scenario, Bitcoin could potentially drop towards the support level at $40,000 in the near future.
Hot Take: Bitcoin Price Facing Bearish Trend
The current trend in Bitcoin’s price is bearish, with the cryptocurrency struggling to surpass resistance levels and trading below key moving averages. If the bearish trend continues, Bitcoin could experience further declines towards significant support levels. On the other hand, a breakthrough above key resistance levels could lead to a potential recovery and upward movement. Traders and investors should closely monitor the price action and key support/resistance levels to make informed decisions.
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