Bitcoin Price Struggles Below Resistance
The price of Bitcoin attempted to break above the $43,000 and $43,200 resistance levels but was unsuccessful. As a result, BTC has started to decline once again, falling below $42,800.
Support near $42,500 was also broken, and the price is currently consolidating its losses. On the hourly chart of the BTC/USD pair, there is a bearish trend line forming with resistance around $42,850.
Bitcoin is now trading below the 100 hourly Simple Moving Average and faces immediate resistance near $42,750. This level coincides with the 50% Fibonacci retracement level of the downward wave from the swing high of $43,250 to the low of $42,232.
The next significant resistance level is around $42,850 and is marked by the trend line and the 61.8% Fibonacci retracement level. A clear move above this level could indicate a potential increase in price.
Source: BTCUSD on TradingView.com
Possible Further Decline for Bitcoin
If Bitcoin fails to surpass the resistance zone at $42,850, it may experience another decline. Immediate support on the downside can be found near $42,250.
The first major support level is at $41,800. If the price closes below this level, it could gain bearish momentum and potentially drop further towards the support at $40,500.
Technical Indicators
The MACD indicator on the hourly chart is showing increasing bearish momentum, while the RSI for BTC/USD is below the 50 level.
Major support levels to watch are $42,250 and $41,800, while major resistance levels are at $42,750, $42,850, and $43,250.
Hot Take: Bitcoin Struggles to Break Resistance
The price of Bitcoin is facing challenges in breaking above key resistance levels. Despite multiple attempts to rise above $43,000, BTC has been unable to sustain its gains. It has now fallen below the $42,800 level and is trading below the 100 hourly Simple Moving Average.
If Bitcoin fails to overcome the resistance near $42,850, it could experience further declines. The immediate support level to watch is around $42,250. However, if the price manages to break above the resistance, it may start a decent increase towards $43,250 and beyond.
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