Bitcoin Price Consolidates, Trading Below $43,250
The price of Bitcoin has entered a consolidation phase after reaching the $41,500 zone. However, it faced resistance near the $43,250 and $43,500 levels.
There was a decline below the $43,000 level and a break below a key rising channel with support around $42,880 on the BTC/USD hourly chart. As a result, Bitcoin is now trading below $43,250 and the 100 hourly Simple Moving Average.
Despite this, there is an attempt to initiate a recovery wave above the $42,500 level. The price is currently facing resistance near $42,800 and the 50% Fibonacci retracement level of the recent decline.
The main resistance levels are at $43,000 and $43,250. If Bitcoin fails to rise above these levels, it could experience further losses.
Possible Downside Risk for Bitcoin
If Bitcoin fails to overcome the resistance at $43,250, it may start a new decline. The immediate support on the downside is around $42,120.
The next major support level is at $41,450. A close below this level could lead to bearish momentum and push the price towards the $40,000 support in the near future.
Technical indicators show that the MACD is now in the bearish zone and the RSI for BTC/USD is below 50.
Key support levels to watch are at $42,120 and $41,450. On the other hand, key resistance levels are at $43,000, $43,250, and $44,000.
Hot Take: Bitcoin Price Struggles to Break Resistance Levels
The price of Bitcoin is currently facing strong resistance levels around $43,000 and $43,250. Despite attempts to initiate a recovery wave, it has been unable to surpass these levels.
If Bitcoin fails to overcome this resistance zone, it could experience further downside pressure. Immediate support is at $42,120, followed by a major support level at $41,450. Technical indicators suggest a bearish trend with the MACD in the bearish zone and the RSI below 50.
Bitcoin traders should closely monitor these resistance and support levels to gauge the next move in the market.
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