Bitcoin attempted to break above the $43,500 resistance level but failed and retraced to test the $41,800 support zone. The price of Bitcoin is currently trading above $42,000 and the 100-hourly Simple Moving Average.
There is a bearish trend line forming with resistance near $42,600. It could continue to decline if the price fails to rise above the $42,650 resistance. The immediate support levels are at $42,000 and $41,650, and a move below $41,650 could lead to further losses with a potential drop towards the $40,500 support level.
The technical indicators show the MACD gaining pace in the bearish zone, and the RSI for BTC/USD is near the 50 level. The major resistance levels are at $42,650, $43,000, and $43,500, while the major support levels are at $42,000 and $41,650.
Source: NEWSBTC
