Bitcoin’s price has once again dropped below the $42,000 support zone, failing to gather momentum above the $43,500 resistance level. The cryptocurrency is currently trading below $42,000 and the 100 hourly Simple Moving Average, indicating a bearish trend. There is a key bearish trend line forming with resistance near $41,800 on the BTC/USD hourly chart.
If Bitcoin fails to break above the $41,800 resistance, it may continue its downward trajectory. Immediate support is found near the $40,600 level, followed by the $40,000 support. If the price falls below $39,500, there is a risk of further losses, with the $38,400 support serving as the next crucial level.
On the upside, if Bitcoin manages to surpass the $41,800 resistance, it could start a steady increase. The next significant resistance levels are at $42,250 and $42,800, with a potential test of $43,500 if the price clears the latter.
It is important to note that the information provided in this article is for educational purposes only and does not constitute investment advice. As always, conducting thorough research and considering the associated risks is crucial before making any investment decisions.