Bitcoin price is still struggling to break the USD 44,500 and USD 44,700 resistance levels. BTC is showing some bearish signs and could drop towards $42,150.
- Bitcoin is facing a major hurdle near the USD 44,500 resistance zone.
- The price is trading below $44,000 and the 100 hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline towards the USD 42,350 and USD 42,150 support levels.
Bitcoin price faces hurdles
Bitcoin price attempted to rise above the USD 43,500 resistance zone again. BTC even broke the USD 43,800 resistance zone, but the bears were active near the USD 44,500 resistance zone.
There were a few attempts to gain strength above $44,500, but the bears remained active. A high was formed near $44,483 and the price is now showing some bearish signs. There was a decline below the $44,000 support zone. The price traded below the 50% Fib retracement level of the upward move from the $42,480 swing low to the $44,483 high.
Moreover, there was a break below a key bullish trendline with support at $44,000 on the hourly chart of the BTC/USD pair. Bitcoin is now below $44,000 and the 100 Hourly Simple Moving Average.
Source: BTCUSD on TradingView.com
On the upside, immediate resistance is around the $44,000 level. The first major resistance is $44,200. The main resistance is now forming around the $44,500 level. A close above the USD 44,500 level could send the price rising further. The next major resistance is at $45,450. Any gains above the $45,450 level could open the doors for a move towards the $46,200 level.
Lose more in BTC?
If Bitcoin fails to rise above the $44,000 resistance zone, it could continue to decline. The immediate downside support is near the $43,200 level or the 61.8% Fib retracement level of the upward move from the $42,480 swing low to the $44,483 high.
The next major support is near $42,800. If a move occurs below $42,800, the price could gain bearish momentum. In the mentioned case, the price could fall towards the support at $42,150 in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 42,800, followed by USD 42,150.
Major resistance levels – $44,000, $44,200 and $44,500.
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