Bitcoin price struggled to start a fresh increase above the $42,300 resistance zone. BTC is declining and is now at a risk of more downsides below $40,000.
- Bitcoin failed to start a fresh increase above the $42,000 resistance zone.
- The price is trading below $42,500 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $41,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if there is a close below the $40,000 support zone.
Bitcoin Price Turns Red
Bitcoin price started a fresh increase from the $40,000 support zone. BTC climbed above the $41,500 resistance zone, but it failed to continue higher.
The price failed to gain strength above the $42,250 and $42,300 resistance levels. A high was formed near $42,300 and the price started a fresh decline. There was a drop below the $42,000 and $41,500 levels. A low is formed near $40,606 and the price is now consolidating losses.Bitcoin is also trading below $42,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $41,200 level. Besides, there is a key bearish trend line forming with resistance near $41,250 on the hourly chart of the BTC/USD pair.
The first major resistance is forming near $41,450. It is near the 50% Fib retracement level of the downward move from the $42,300 swing high to the $40,606 low.