Bitcoin failed to gain pace above $40,700 and declined against the US Dollar. BTC traded to a new weekly low and might struggle to climb above $39,200.
- Bitcoin started a fresh decline after it failed to clear the key $40,700 resistance zone.
- The price is now back below $39,000 and the 100 hourly simple moving average.
- There was a break below a connecting bullish trend line with support near $39,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but upsides might be capped near $38,800 or $39,200.
Bitcoin Price Declines Sharply
Bitcoin price attempted a clear move above the $40,500 level. However, BTC failed to clear the $40,700 and $40,750 resistance levels. Download Bitcoin Miner . Safe install and earn ETH/BTC.
A high was formed near $40,776 and the price reacted to the downside. There was a sharp decline below the $40,000 level and the 100 hourly simple moving average. Besides, there was a break below a connecting bullish trend line with support near $39,500 on the hourly chart of the BTC/USD pair.
Source:If there is a clear move above the $39,200 and $39,550 levels, the price could start a decent increase. In the stated case, the price could even surpass the $40,000 resistance. The next major resistance may perhaps be near the $40,700 zone. Download Bitcoin Miner . Safe install and earn ETH/BTC.