Bitcoin price struggled to continue higher above the $43,800 resistance. BTC is moving lower and might decline heavily if it breaks the $41,800 support.
- Bitcoin price is declining from the $43,800 resistance zone.
- The price is trading below $42,800 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $42,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if there is a clear move below the $41,800 support.
Bitcoin Price Takes Hit
Bitcoin price made another attempt to gain pace above the $43,000 and $43,200 resistance levels. However, BTC struggled to extend its gains and recently started another decline below $42,800.
There was a move below the $42,500 support. A low is formed near $42,232 and the price is now consolidating losses. There is also a key bearish trend line forming with resistance near $42,850 on the hourly chart of the BTC/USD pair.Bitcoin is now trading below $42,800 and the 100 hourly Simple moving average. Immediate resistance is near the $42,750 level. It is near the 50% Fib retracement level of the downward wave from the $43,250 swing high to the $42,232 low.
The next key resistance could be $42,850 and the trend line. The trend line is close to the 61.8% Fib retracement level of the downward wave from the $43,250 swing high to the $42,232 low, above which the price could start a decent increase.
