Bitcoin (BTC): Vital Indicators Suggest Possible Move beneath $40K

  • BTC struggles to rise past $42.5K and $42.8K resistance zones.
  • The price hovers beneath $43K and 100-hourly SMA.
  • BTC/USD hourly chart shows a massive bearish trend-line developing with resistance at $42.8K (Kraken data feed).
  • The pair requires a decisive move past the hurdles at $43K for steady upside actions.

Bitcoin price could not stabilize beyond the support floor at $43,000. The leading crypto trades in bearish territory. And might extend its downswings beneath $41,200.

BTC Price Shows Bearish Signals

Bitcoin could not accelerate higher past the resistance zone at $43,500. With that, the world’s largest cryptocurrency observed bearish reactions beneath the pivot level at $43,000. BTC traded under $42.5K and $42K support areas. It even fell towards $41.5K and settled beneath the 100-hourly Simple Moving Average. Meanwhile, Bitcoin registered a low of around $41,579 before launching upside retracements.

Nevertheless, BTC’s price recovered beyond the resistance at $42,000. Furthermore, the crypto broke past the 23.6% Fibonacci retracement zone of the latest drop from a swing high of $43,800 to $41,579. On the other side, BTC’s closest resistance stands near $42,500. The next hurdle sat at $42,650. Also, BTC/USD hourly chart shows a massive bearish trend-line emerging with resistance at $42,800.

The trend-line is around the 50% retracement mark of the latest downswing from $43,800 to $41,579. A significant move past $42,800 may see Bitcoin rising towards the resistance near $43,500. Further gains here will mean testing the obstacle at $44,000. Meanwhile, the next crucial resistance locates at $45,000.

More Declines in Bitcoin?

Failure to launch a decisive upside journey beyond $42,800 might see Bitcoin extending the downside move. With that, the digital coin may secure the immediate support level at the $42,000 mark. Meanwhile, the initial critical support sits at $41,500. Breaching the downward support at $41,500 might translate to more declines by Bitcoin. The asset’s next crucial support is $40,000, beneath which bears might dominate.

BTC Technical Indicators

  • MACD slowly gains pace inside the bullish region.
  • BTC/USD’s RSI remains beneath the 50 mark.
  • Critical support zones – $41.5K and $41.2K
  • Crucial resistance zones – $42,650, $42.8K and $43.5K.

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