Bitcoin price started a fresh decline below the $41,250 support zone. BTC is showing bearish signs and might decline heavily below the $40,000 support zone.
- Bitcoin price is gaining bearish momentum below the $41,500 zone.
- The price is trading below $41,500 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $41,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now at risk of more downsides if it breaks the $40,000 support zone.
Bitcoin Price Resumes Downtrend
Bitcoin price struggled to stay above the $42,200 support zone. However, BTC failed to clear many hurdles and started a fresh decline below the $42,000 level.
There was a move below the $41,500 and $41,250 support levels. The price even spiked below the $40,500 level. A low is formed near $40,369 and the price is now consolidating losses. It is now trading near the 23.6% Fib retracement level of the recent drop from the $42,260 swing high to the $40,369 low.Bitcoin is now trading below $41,500 and the 100 hourly Simple moving average. Immediate resistance is near the $41,000 level. The first major resistance is near the $41,250 level. There is also a key bearish trend line forming with resistance near $41,320 on the hourly chart of the BTC/USD pair.
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