bitcoin price had a difficult time breaking through the $43,750 resistance. btc is now falling and there could be more losses if there is a move below the $41,800 level.
- bitcoin price is slowly declining from the $43,750 resistance zone.
- The price is trading below $42,800 and the 100 hourly simple moving average.
- There was a break below a connecting uptrend line with support near $42,500 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair could continue to fall if it closes below the $41,800 level.
bitcoin price begins another decline
bitcoin price attempted further gains above the $42,500 resistance zone. btc broke through the $43,500 resistance zone, but the bears were active near the $43,800 zone.
The bulls made more than two attempts to break above $43,800 but failed. A high was formed near $43,742 and the price started a new decline. There was a move below the $43,000 level. Additionally, there was a break below a connecting uptrend line with support near $42,500 on the hourly chart of the btc/USD pair.
bitcoin is now trading below $42,800 and the 100 hourly simple moving average. A low was formed near $41,888 and the price is now consolidating losses. The immediate resistance is near the $42,350 level. It is close to the 23.6% Fib retracement level of the downside move from the high of $43,742 to the low of $41,888.
The next key resistance could be $42,800 or the 50% Fibonacci retracement level of the downward move from the high of $43,742 to the low of $41,888, above which the price could start a decent rise. The next stop for the bulls may be the $43,200 level.
<img decoding="async" class="alignnone size-full wp-image-572619" src="https://www.newsbtc.com/wp-content/uploads/2024/02/bitcoin.png?resize=1024%2C449″ alt=”bitcoin price” width=”1024″ height=”449″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/02/bitcoin.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/02/bitcoin.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/bitcoin.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/bitcoin.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/bitcoin.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/bitcoin.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/bitcoin.png?resize=1024%2C449?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: BTCUSD on TradingView.com
A clear move above the $43,200 resistance could send the price towards the $43,800 resistance. The next resistance is now forming near the $44,200 level. A close above the $45,000 level could push the price up further. The next major resistance lies at $46,500.
More losses in btc?
If bitcoin fails to break above the $42,800 resistance zone, it could continue to decline. Immediate support on the downside is near the $41,800 level.
The first major support is $41,200. The main support could be $40,950. If there is a close below $40,950, the price could gain bearish momentum. In the indicated case, the price could fall towards the $40,000 support.
Technical indicators:
MACD Hourly: The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for btc/USD is now below the 50 level.
Main support levels: $41,800, followed by $41,200.
Main resistance levels: $42,350, $42,800 and $43,800.
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
