Bitcoin price is still struggling to break the resistance levels of $44,500 and $44,700. BTC is showing some signs of weakness and could fall to $42,150.
- Bitcoin faces a major obstacle near the $44,500 resistance zone.
- The price is trading below $44,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the main bullish trendline with support at $44,000.
- The pair may decline towards the $42,350 and $42,150 support levels.
Bitcoin Price Faces Hurdles
Bitcoin price attempted a new rise above the $43,500 resistance zone. BTC broke through the $43,800 resistance zone, but bears were active near the $44,500 resistance zone.
There were several attempts to gain strength above $44,500, but the downside remained active. Highs were made near $44,483 and the price is currently showing some signs of weakness. It fell below the $44,000 support level. The price traded below the 50% Fib retracement level, rising from the $42,480 swing low to the $44,483 high.
Moreover, a break occurred below the main bullish trendline supporting $44,000 on the hourly chart of the BTC/USD pair. Bitcoin is now below $44,000 and the 100-hour simple moving average.
Source: TradingView.com BTCUSD
Meanwhile, immediate resistance is close to the $44,000 level. The first major resistance is at $44,200. Currently, major resistance is forming near the $44,500 level. The price could go higher once it breaks above the $44,500 level. The next major resistance level is $45,450. Any further gains above the $45,450 level could open the door for a move towards the $46,200 level.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $44,000 resistance zone, it may continue to fall. Immediate support for the bears is near the $43,200 level or the 61.8% Fib retracement level of the rise from the $42,480 swing low to the $44,483 high.
The next major support is near $42,800. A break below $42,800 could see the price gain bearish momentum. If indicated, the price may fall towards the $42,150 support in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $42,800, then $42,150.
Key resistance levels – $44,000, $44,200 and $44,500.
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