Bitcoin Price Decline To Resume? These Could Be The Factors To Watch

Bitcoin price struggled to clear the $43,750 resistance. BTC is now declining and there could be more losses if there is a move below the $41,800 level.

• Bitcoin price is slowly moving lower from the $43,750 resistance zone.
• The price is trading below $42,800 and the 100 hourly Simple moving average.
• There was a break below a connecting bullish trend line with support near $42,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to decline if there is a close below the $41,800 level.

Bitcoin Price Starts Another Decline

Bitcoin price attempted more gains above the $42,500 resistance zone. BTC cleared the $43,500 resistance zone, but the bears were active near the $43,800 zone.

The bulls made more than two attempts to clear $43,800 but failed. A high was formed near $43,742 and the price started a fresh decline. There was a move below the $43,000 level. Besides, there was a break below a connecting bullish trend line with support near $42,500 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $42,800 and the 100 hourly Simple moving average. A low was formed near $41,888 and the price is now consolidating losses. Immediate resistance is near the $42,350 level. It is near the 23.6% Fib retracement level of the downward move from the $43,742 swing high to the $41,888 low.

The next key resistance could be $42,800 or the 50% Fib retracement level of the downward move from the $43,742 swing high to the $41,888 low, above which the price could start a decent increase. The next stop for the bulls may perhaps be $43,200.

Source: BTCUSD on TradingView.com

A clear move above the $43,200 resistance could send the price toward the $43,800 resistance. The next resistance is now forming near the $44,200 level. A close above the $45,000 level could push the price further higher. The next major resistance sits at $46,500.

More Losses In BTC?

If Bitcoin fails to rise above the $42,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $41,800 level.

The first major support is $41,200. The main support could be $40,950. If there is a close below $40,950, the price could gain bearish momentum. In the stated case, the price could dive toward the $40,000 support.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $41,800, followed by $41,200.

Major Resistance Levels – $42,350, $42,800, and $43,800.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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