Bitcoin Price Faces Resistance and Begins to Decline
The price of Bitcoin is slowly moving lower after encountering resistance near the $43,750 level. It is currently trading below $42,800 and the 100 hourly Simple Moving Average. Additionally, a bullish trend line with support near $42,500 was broken.
Failed Attempts to Break Resistance
Bitcoin made multiple attempts to surpass the $43,800 resistance zone but was unsuccessful. The price reached a high of around $43,742 before starting a fresh decline. It fell below $43,000 and broke the connecting bullish trend line.
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Consolidation and Immediate Resistance
Bitcoin is now consolidating its losses after reaching a low of approximately $41,888. It is currently trading below the 100 hourly SMA and immediate resistance is expected near the $42,350 level. This level represents a 23.6% Fibonacci retracement level.
Potential for Further Increase or Decline
If Bitcoin manages to break above the $42,800 resistance, it could lead to a decent increase with the next target being around $43,200. However, if it fails to rise above this level, it may continue to decline. Immediate support on the downside is near $41,800.
Closing Thoughts: Possibility of More Losses in BTC
If Bitcoin fails to overcome the resistance at $42,800, it could experience further downward movement. The first major support lies at $41,200, followed by a stronger support level at $40,950. Technical indicators suggest a bearish trend with the MACD losing momentum and the RSI dropping below 50.
