Bitcoin Price Faces Bearish Momentum
The price of Bitcoin is currently experiencing a downward trend, falling below the $42,500 mark. It is trading below $42,000 and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a bearish trend line is forming with resistance around $42,100.
Bitcoin Unable to Start Recovery
Despite attempts to recover, Bitcoin failed to break through the $43,250 resistance zone. As a result, it began another decline below the $42,120 support level. The bears were successful in pushing the price below $41,450, resulting in a new weekly low around $40,625. The price is currently consolidating its losses near the 23.6% Fib retracement level.
Possible Resistance Levels
The price of Bitcoin is facing resistance near the $41,675 level. The next significant resistance lies around the $42,100 zone and the aforementioned bearish trend line. Additionally, it is close to the 50% Fib retracement level from the recent decline. If there is a clear move above this resistance area, it could potentially lead to further gains.
Potential for More Losses
If Bitcoin fails to break above the $42,100 resistance zone, there is a risk of further downward movement. Immediate support can be found around the $40,750 level, with a major support level at $40,500. A close below this level could trigger bearish momentum and push the price towards the $40,000 support zone.
Technical Indicators
Technical indicators suggest that Bitcoin is currently in a bearish zone. The hourly MACD is gaining pace in this direction, and the RSI for BTC/USD is below the 50 level.
Hot Take: Bitcoin Price Struggles to Recover Amid Bearish Momentum
The price of Bitcoin is facing significant resistance around the $42,100 level, hindering its recovery. With the price trading below the 100-hourly Simple Moving Average and forming a bearish trend line, there is a risk of further losses. Immediate support levels are at $40,750 and $40,500. Technical indicators indicate a bearish trend, with the MACD gaining momentum in this direction and the RSI below 50. As Bitcoin continues to struggle against bearish pressure, it remains to be seen whether it can overcome these obstacles and regain bullish momentum.
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