Bitcoin gained bearish momentum and even declined below $41,000. BTC could recover if it manages to climb above the $40,000 pivot level. Bitcoin price struggled to recover above the $43,500 level. BTC started another decline and traded below the $42,000 support level.
The bears took control and pushed the price below the $41,000 level.There was also a clear move below the $40,000 support zone and a close below the 100 hourly simple moving average. The price traded as low as $39,240 and is currently consolidating losses.
An immediate resistance on the upside is near the $39,700 level. There is also a steep bearish trend line forming with resistance near $39,700 on the hourly chart of the BTC/USDT pair.
The first major resistance is forming near the $40,200 level. The next resistance could be near $40,400. A clear move above the $40,200 and $40,400 levels might start a short-term recovery wave.In the stated case, the price may perhaps rise towards the $41,350 resistance zone.
If bitcoin fails to clear the $40,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $39,250 level.
The next major support is seen near the $38,880 level. A downside break below the $38,880 support zone could increase selling pressure. In the stated case, the price could accelerate lower towards the $37,500 level in the coming sessions.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USDT is now in the oversold zone.
Major Support Levels – $39,250, followed by $38,880.
Major Resistance Levels – $40,200 and $40,400.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.