Bitcoin price failed once again to break above the $44,000 resistance zone, putting it at risk of a potential decline below the $41,500 level. The price is currently trading lower, below $43,000 and the 100 hourly Simple Moving Average. There is a bearish trend line forming with resistance near $42,550 on the hourly chart, indicating that Bitcoin could continue to decline if it fails to stay above the $43,000 level.
Despite a fresh attempt to gain momentum above $43,200, Bitcoin struggled to reach the crucial $44,000 resistance zone. The price formed an inverted V pattern and dropped below $43,200, with the bears pushing it below the 50% Fibonacci retracement level of the upward move from the $41,637 swing low to the $43,792 low.
Bitcoin is currently consolidating below the 61.8% Fibonacci retracement level, trading below $43,000 and the 100 hourly Simple Moving Average. Immediate resistance is observed near $42,500, and there is a key bearish trend line forming with resistance near $42,550 on the hourly chart. The first major resistance level is at $43,000, and a successful break above it could lead to further upward movement.
To make significant progress, Bitcoin needs to overcome the main hurdle at $43,250, followed by the $43,800 level. Breaking above $44,000 might propel Bitcoin towards the $45,000 level.
On the downside, if Bitcoin fails to surpass the $43,000 resistance zone, it could experience further declines. Immediate support lies near the $42,150 level, followed by a major support level at $41,650. A move below $41,650 could lead to more losses, potentially dropping the price towards the $40,500 support level in the near term.
Technical indicators show that the MACD is now gaining momentum in the bearish zone, while the RSI for BTC/USD has dipped below the 50 level.
Disclaimer: This information is provided for educational purposes only and does not constitute investment advice. It is important to conduct your own research before making any investment decisions.