HomeBitcoin NewsBitcoin Price Analysis: BTC At Risk Below $43K

Bitcoin Price Analysis: BTC At Risk Below $43K

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  • Bitcoin price started a fresh decline from the $44,500 zone against the US Dollar.
  • The price is now trading below $43,000 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $42,600 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a strong upward move if there was a break above the $43,000 resistance.

Bitcoin price is trading below $44,000 against the US Dollar. BTC might continue to decline as long as it is below the $43,000 resistance level.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $44,500 resistance. BTC traded below the $44,000 and $43,200 support levels to move again into a bearish zone.

There was also a move below the $43,000 level. The bears pushed the price below the 50% Fib retracement level of the upward move from the $39,650 swing low to $44,453 high. The price is now trading below $43,000 and the 55 simple moving average (4-hours).

There is also a key bearish trend line forming with resistance near $42,600 on the 4-hours chart of the BTC/USD pair. An immediate support on the downside is near the $41,500 level.

It is near the 61.8% Fib retracement level of the upward move from the $39,650 swing low to $44,453 high. The next key support is near the $40.800 level. If the price fails to stay above $40,800, it could extend losses in the near term.

The next major support sits near $40,800, below which there is a risk of a move towards the $40,000 level. On the upside, an initial resistance is near the $42,500 level and the trend line. A clear upside break above the trend line might push the price towards $43,300.

The next major resistance on the upside is near the $44,500 level. To start a strong increase, the price must settle above the $44,500 level in the near term.

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $44,000 and the 55 simple moving average (4-hours). Overall, the price could start a strong upward move if there was a break above the $43,000 resistance.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $41,500 and $40,800.

Key Resistance Levels – $42,500, $43,000 and $44,500.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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