Bitcoin price extended its decline below the $41,450 support zone. BTC is showing bearish signs and might struggle to stay above the $40,000 support zone.
- Bitcoin price is gaining bearish momentum below the $42,500 zone.
- The price is trading below $42,000 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $42,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now at risk of more downsides toward the $40,000 support zone.
Bitcoin Price Gains Bearish Momentum
Bitcoin price failed to start a recovery wave above the $43,250 resistance zone. BTC formed a short-term top and started another decline below the $42,120 support zone.
The bears were able to push the price below the $41,450 level. A new weekly low was formed near $40,625 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $43,569 swing high to the $40,625 low.Bitcoin is now trading below $42,000 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $42,100 on the hourly chart of the BTC/USD pair.
On the upside, the price is facing resistance near the $41,675 level. The next key resistance is near the $42,100 zone and the trend line. It is also close to the 50% Fib retracement level of the recent decline from the $43,569 swing high to the $40,625 low.