Bitcoin price hit a barrier at $44,000 and turned back down. BTC lost the $42,500 support level and is not out of the woods yet. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin lost the key support level at $42,500.
- Currently, the price is below $42,500 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we have a new downtrend with resistance level at $42,200.
- In case Bitcoin fails to regain $42,800, the decline is likely to continue.
Bitcoin Price Action Analysis
Sadly, BTC failed to surpass the $45,500 and turned back down. Following that, the price dipped below the $43,200 and $42,500 and entered a bearish zone for short-term. Subsequently, the lowest recorded price in the past few hours has been $41,573. By reaching this level, BTC gave another attempt for recovery. As of now, the price is below $42,500 and the 1-hour candles are below the SMA100. For the 1-hour chart, we have a significant downtrend with resistance level at $42,200.
The first resistance level for BTC is at $42,200 which is also on the downward trendline. Next to that, is the $42,500 and then the 23.6% Fibonacci retracement level from the latest fall from $45,900 to $41,573. However, the key resistance level is at $42,850 and the SMA100. Surpassing this level could bring Bitcoin as high as $43,750 which is near the 50% Fibonacci retracement level.
On the other hand, if Bitcoin price fails to turn bullish above the $42,850, the downtrend will likely continue. In which case, the first support level is expected at $41,600 followed by $41,200. In case BTC loses the crucial $41,200, the price can quickly approach $40,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $42,200, $42,850 and $43,000 are the crucial resistance levels for BTC.
Support levels: The $41,600 and $41,200 are currently the key support levels for the price.
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