Bitcoin Price Analysis: BTC At Risk Below $43K

  • Bitcoin price started a fresh decline from the $44,500 zone against the US Dollar.
  • The price is now trading below $43,000 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $42,600 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a strong upward move if there was a break above the $43,000 resistance.

Bitcoin price is trading below $44,000 against the US Dollar. BTC might continue to decline as long as it is below the $43,000 resistance level.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $44,500 resistance. BTC traded below the $44,000 and $43,200 support levels to move again into a bearish zone.

There was also a move below the $43,000 level. The bears pushed the price below the 50% Fib retracement level of the upward move from the $39,650 swing low to $44,453 high. The price is now trading below $43,000 and the 55 simple moving average (4-hours).

There is also a key bearish trend line forming with resistance near $42,600 on the 4-hours chart of the BTC/USD pair. An immediate support on the downside is near the $41,500 level.

It is near the 61.8% Fib retracement level of the upward move from the $39,650 swing low to $44,453 high. The next key support is near the $40.800 level. If the price fails to stay above $40,800, it could extend losses in the near term.

The next major support sits near $40,800, below which there is a risk of a move towards the $40,000 level. On the upside, an initial resistance is near the $42,500 level and the trend line. A clear upside break above the trend line might push the price towards $43,300.

The next major resistance on the upside is near the $44,500 level. To start a strong increase, the price must settle above the $44,500 level in the near term.

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $44,000 and the 55 simple moving average (4-hours). Overall, the price could start a strong upward move if there was a break above the $43,000 resistance.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $41,500 and $40,800.

Key Resistance Levels – $42,500, $43,000 and $44,500.

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Source: Live Bitcoin News