Bitcoin Price Resumes Downtrend
The price of Bitcoin is currently experiencing a bearish trend, falling below the $41,500 mark and the 100 hourly Simple Moving Average. On the BTC/USD hourly chart, there is a significant bearish trend line forming with resistance near $41,320.
Bitcoin Struggles to Stay Above Support
Bitcoin has been facing challenges in maintaining its position above the $42,200 support zone. Despite attempts to overcome obstacles, it has failed to do so and has begun a fresh decline below the $42,000 level.
The price dropped below key support levels at $41,500 and $41,250, even reaching below $40,500. It has since formed a low around $40,369 and is currently consolidating losses. The price is now trading near the 23.6% Fibonacci retracement level of the recent drop.
Potential Resistance Levels for Bitcoin
Bitcoin is currently trading below the $41,500 mark and the 100 hourly Simple Moving Average. The immediate resistance level is around $41,000, followed by a major resistance at $41,250. Additionally, there is a key bearish trend line forming with resistance near $41,320 on the BTC/USD hourly chart.
Source: BTCUSD on TradingView.com
If Bitcoin manages to break above the $41,320 resistance level, it could potentially reach the $42,000 resistance level and even further to the next resistance at $42,200. A close above this level might push the price higher, with the next major resistance sitting at $43,250.
Possible Further Losses for Bitcoin
If Bitcoin fails to surpass the $42,200 resistance zone, it could continue its downward movement. The immediate support level on the downside is around $40,500, with the next major support level at $40,000. A close below $40,000 might result in bearish momentum and a potential drop towards the $38,500 support level in the near future.
Technical indicators:
- Hourly MACD – The Moving Average Convergence Divergence (MACD) is currently showing an increase in bearish momentum.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $40,500, followed by $40,000.
Major Resistance Levels – $41,500, $42,000, and $42,200.
Hot Take: Bitcoin Faces Bearish Momentum Below Key Support Level
Bitcoin’s price has resumed its downtrend as it struggles to stay above the key support level of $41,500. With a bearish trend line forming and resistance near $41,320, there is a risk of further downside if the support zone at $40,000 is broken. Technical indicators show increasing bearish momentum with the MACD in the bearish zone and RSI below 50. Immediate resistance levels are at $41,000 and $41,250. However, if Bitcoin manages to break above these levels and surpasses the resistance at $42,200, it could see a potential upward movement with the next major resistance at $43,250.
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