🔥🔥🔥 #Bitcoinprice Turns At Risk of More Losses – Why BTC Could Revisit $40K

Bitcoin experienced a notable setback after reaching close to the $49,000 mark, initiating a gradual decline. Presently trading below $43,500 and the 100-hourly Simple Moving Average, the BTC/USD pair faces a bearish trend line resistance around $42,850, as depicted in the hourly chart from Kraken.

The potential for a fresh decline looms if the price drops below the $41,500 support zone. The failure to test the $50,000 resistance zone led to a substantial downturn, with Bitcoin plunging below key support levels at $48,000, $46,500, and $45,000. The decline exceeded 12%, reaching the $41,500 support zone before initiating a recovery.

Although Bitcoin briefly surpassed the $42,000 resistance, it remains below $43,500 and the 100-hourly Simple Moving Average. The immediate resistance is around $42,800, marked by a connecting bearish trend line. A clear breach above the $43,250 resistance could propel the price towards $44,000, with subsequent hurdles at $45,200 and $47,000.

Failure to surpass the $43,250 resistance might prompt a fresh decline, finding immediate support around $42,120. The critical support lies at $41,500, and a breach below it may initiate a bearish momentum, potentially driving the price towards the $40,000 support. Technical indicators show the #MACD losing pace in the bearish zone, while the #RSI for BTC/USD is below the 50 level. Major support levels are $42,120 and $41,500, with resistance levels at $42,800, $43,250, and $44,000.

Source - newsbtc.com

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