Bitcoin Price Struggling to Move Upwards, Will Bulls Step in to Save the Day?
Bitcoin price has been facing challenges in surpassing the $43,800 resistance level. With a downward movement currently underway, there are concerns that BTC could experience a significant decline if it breaks below the $41,800 support.
At present, Bitcoin price is falling from the $43,800 resistance zone and is trading below $42,800 along with the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a notable bearish trend line is forming with resistance near $42,850.
Should a clear break below the $41,800 support occur, Bitcoin’s decline could continue.
In recent attempts to gain momentum above the $43,000 and $43,200 resistance levels, Bitcoin price struggled and eventually began another decline below $42,800. It even dipped below the $42,500 support, establishing a low around $42,232 before entering a consolidation phase.
For now, Bitcoin is trading below the $42,800 mark and the 100 hourly Simple Moving Average. An immediate obstacle stands near the $42,750 level, which represents the 50% Fibonacci retracement level of the downward wave from the swing high of $43,250 to the low of $42,232.
The next resistance level is potentially at $42,850, coinciding with the trend line. This trend line aligns with the 61.8% Fibonacci retracement level of the downward wave from the swing high of $43,250 to the low of $42,232. A breakthrough above this point could trigger a decent increase in price.
In terms of bullish targets, the next stop could be around $43,250, followed by the $43,800 resistance. Beyond that, the $44,200 level is forming as the next resistance. A close above $44,200 could push the price even higher, with the next major hurdle lying at $45,000.
However, if Bitcoin fails to rise above the $42,850 resistance zone, it may face further decline. Immediate support exists around the $42,250 level, while the first significant support sits at $41,800. A close below the latter support could generate bearish momentum, potentially leading the price toward the $40,500 support level.
Technical indicators show that the hourly MACD is currently gaining pace in the bearish zone, while the hourly RSI for BTC/USD is now below the 50 level.
Please note that this article is for educational purposes only and does not constitute financial advice. It is crucial to conduct personal research before making any investment decisions, as investing carries inherent risks. Use the information provided at your own discretion.