Bitcoin’s price has recently faced significant challenges and is currently testing the $38,500 support level. Although there is an attempt at a recovery wave, it may struggle to surpass the $40,500 resistance. The price is currently trading below both $40,000 and the 100 hourly Simple Moving Average, indicating a bearish trend.
The hourly chart of BTC/USD shows a bearish trend line that forms resistance near $40,450. Breaking this resistance could lead to price movement towards $40,850, followed by the next major resistance at $41,250. On the other hand, if Bitcoin fails to surpass the $40,450 resistance, it could experience another decline. Immediate support levels are found near $39,400 and $39,000. A close below $39,000 may result in bearish momentum and a revisit of the $38,500 support level.
Technical indicators such as the MACD and RSI suggest a bearish sentiment. The article reminds readers that it is provided for educational purposes only and advises conducting personal research before making any investment decisions.