Bitcoin price is struggling below the $43,500 resistance zone. BTC could start another decline if it stays below the 100 hourly SMA.
- Bitcoin price started a major decline from the $49,000 resistance zone.
- The price is trading below $43,250 and the 100 hourly Simple moving average.
- There is a key declining channel forming with resistance near $43,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh decline if it stays below the $43,250 resistance zone.
Bitcoin Price Turns Red
price started a major decline from the $49,000 resistance zone. BTC traded below the $46,500 and $45,000 support levels to enter a short-term bearish zone.
The bears even pushed the price below the $42,500 support zone before the bulls appeared. A low was formed near $41,476 and the price is now consolidating losses. It recovered a few points above the $42,000 level. The price tested the 23.6% Fib retracement level of the key drop from the $49,000 swing high to the $41,476 low.Bitcoin is now trading below $43,250 and the 100 hourly Simple moving average. There is also a key declining channel forming with resistance near $43,050 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $43,000 level and the channel zone. The first major resistance is $43,250 or the 100 hourly Simple moving average. A clear move above the $43,250 resistance could send the price toward the $44,450 resistance.
