Bitcoin price extended its decline below the $40,000 level against the US Dollar. BTC is now recovering and it could climb higher if it clears the $42,500 resistance.
- Bitcoin settled below the $44,000 and $43,000 support levels.
- The price is still trading below $43,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $42,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a decent increase if it settles above $42,500 and $43,000.
Bitcoin Price Attempts Fresh Recovery
Bitcoin price failed to recover above the $43,500 and $43,650 resistance levels. As a result, there was a fresh decline in BTC below the $42,000 support zone.
The price extended its decline below the $40,200 and $40,000 support levels. A was formed near $39,579 before the price started an upside correction. It is back above the $40,000 and $41,000 levels. However, the price is still trading below $43,000 and the 100 hourly simple moving average.
Source:To start a strong recovery, the price must clear the $42,500 resistance. The next major resistance is near the $43,000 zone, above which the price could rise towards the $45,000 resistance.