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Bitcoin Price Analysis: BTC Struggle Continues Below $40K

Summary:
Bitcoin price extended decline below the ,000 zone against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near ,250 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could start a steady increase if there is a move above the ,400 level. Bitcoin price is struggling below ,000 against the US Dollar. BTC might extend losses if it stays below the ,400 and ,000 resistance levels. Bitcoin Price Analysis Bitcoin price failed to clear the ,800 resistance zone. As a result, BTC started a fresh decline and traded below the key ,900 support zone. There was a clear move below the ,250 level and the 55 simple moving

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  • Bitcoin price extended decline below the $38,000 zone against the US Dollar.
  • The price is now trading below $39,000 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $39,250 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a steady increase if there is a move above the $39,400 level.

Bitcoin price is struggling below $40,000 against the US Dollar. BTC might extend losses if it stays below the $39,400 and $40,000 resistance levels.

Bitcoin Price Analysis

Bitcoin price failed to clear the $40,800 resistance zone. As a result, BTC started a fresh decline and traded below the key $39,900 support zone.

There was a clear move below the $39,250 level and the 55 simple moving average (4-hours). The price even spiked below the $38,000 level. A low is formed near $37,700 and the price is now correcting losses. There was a move above the $38,000 resistance zone.

The price is now testing the 23.6% Fib retracement level of the downward move from the $40,817 swing high to $37,700 low. An immediate resistance on the upside is near the $39,000 level.

The next major resistance on the upside is near the $39,250 level. There is also a major bearish trend line forming with resistance near $39,250 on the 4-hours chart of the BTC/USD pair. It is near the 50% Fib retracement level of the downward move from the $40,817 swing high to $37,700 low.

To start another increase, the price must settle above the $39,250 level in the near term. If there is no upside break, the price might start a fresh decline below $38,000. The next key support is near the $37,200 level. Any more losses might call for a test of the key $36,500 support zone, where the bulls might take a stand in the near term.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $39,000 and the 55 simple moving average (4-hours). Overall, the price could start a steady increase if there is a move above the $39,400 level.

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 – $38,000 and $37,200.

Key Resistance Levels – $39,000, $39,250 and $40,000.

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