Bitcoin Price Analysis: BTC gains retreat, $400,000 is the key
Bitcoin price started a downward correction from the $45,000 area.
The price is now trading below $43,000 and the 55 simple moving average (4-hours).
Support is near $4 on the 43,500 hourly chart of the BTC/USD pair, breaking below a major bullish trend line.
If it holds above the $40,450 support zone, the pair may start a fresh rise.
Bitcoin price retreats below $43,000 against the US dollar. If bulls remain active above the $40,000 area, Bitcoin may rise again.
Bitcoin price continues to rise above $40,000 and rebounds towards the $42,000 resistance zone. A high was formed near $45,000 before the price started a downside correction. Significantly below the $43,500 and $43,000 levels.
Bears were able to push the price towards the 45,000% Fib retracement level of the upward move from the $50 swing low to $37,612 high. Additionally, there was a break below a major bullish trend line with support near $4 on the 43,500 hourly chart of the BTC/USD pair.
It is currently trading below $43,000 and the 55 hourly simple moving average (4-hours). However, bulls are now active near the $40,500 support. Immediate resistance on the upside is near $42,000.
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