Bitcoin Price Faces Uphill Task, Risk of Additional Losses Below $42K Looms

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Bitcoin price is still struggling below the $43,250 resistance zone. BTC remains at risk of more downsides if it stays below $43,500 for a long time.

  • Bitcoin price is still trading in a range from the $41,500 zone.
  • The price is trading below $43,250 and the 100 hourly Simple moving average.
  • There was a break below a key rising channel with support near $42,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now at risk of more downsides below the $41,500 support zone.

Bitcoin Price Turns Red

Bitcoin price started a consolidation phase from the $41,500 zone. BTC recovered a few points, but the bears were active near the $43,250 and $43,500 levels.

The last swing high was near $43,568 before the price started a fresh decline. There was a clear move below the $43,000 level. Besides, there was a break below a key rising channel with support near $42,880 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $43,250 and the 100 hourly Simple moving average. It is again attempting a recovery wave above the $42,500 level.

On the upside, the price is facing resistance near the $42,800 level. It is close to the 50% Fib retracement level of the recent decline from the $43,568 swing high to the $42,190 low. The first major resistance is $43,000. The main resistance is now forming near the $43,250 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The 76.4% Fib retracement level of the recent decline from the $43,568 swing high to the $42,190 low is also near $43,250. A clear move above the $43,250 resistance could send the price toward the $44,000 resistance. The next resistance is now forming near the $44,250 level. A close above the $44,250 level could push the price further higher. The next major resistance sits at $45,000.

More Losses In BTC?

If Bitcoin fails to rise above the $43,250 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,120 level.

The next major support is $41,450. If there is a close below $41,450, the price could gain bearish momentum. In the stated case, the price could drop toward the $40,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $42,120, followed by $41,450.

Major Resistance Levels – $43,000, $43,250, and $44,000.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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