Bitcoin price is facing the risk of further losses and could potentially revisit the $40,000 level. After reaching a peak near the $49,000 resistance zone, BTC has entered a short-term bearish trend by breaking several key support levels, including $45,000. The price is currently trading below $43,500 and the 100 hourly Simple Moving Average.
On the hourly chart of BTC/USD, there is a bearish trend line forming with resistance near $42,850. If the price fails to surpass the $43,250 resistance level, it could initiate a fresh decline. The immediate support on the downside is near $42,120, followed by a major support level at $41,500. Breaking below this level could lead to further bearish momentum and a potential drop towards the $40,000 support area.
However, if the price manages to break above the $43,250 resistance, it could move towards the $44,000 resistance level. The next major resistance is forming near $45,200, followed by $47,000.
It is important to note that investing in Bitcoin carries risks, and any investment decisions should be based on thorough research and understanding of the market. This article is for educational purposes only and does not constitute financial advice.