Bitcoin also fell below the $ 40 ,000 price level. It is now in a price correction situation and by crossing the $ 42,500 resistance, it will be possible to climb to higher levels.
#BTC failed to return above the resistance range of $ 43,500 and $ 43,650; As a result, it resumed a new downturn and lost $ 42,000 support.
The decline continued until support at $ 40 ,200 and $ 40 ,000 fell. The price floor was recorded at $ 39,579 before the start of the uptrend. Bitcoin is now back at the $ 40 ,000 and $ 41,000 levels. Under these circumstances, the price is still far from the $ 43,000 level of the 100-hour moving average.
So far, the 50% Fibonacci retracement level of the recent fall has been reversed from the $ 43,624 ceiling to the $ 39,579 floor. BTC is now firmly below the $ 42,500 resistance level .
The BTC /USD hourly chart also shows a bearish trend line with resistance around $ 42,500; The Fibonacci level of 76.4% has also strengthened the resistance in this area.
It takes $ 42,500 to cross a strong resistance to start a strong uptrend. The next significant resistance is in the $ 43,000 range; Passing that way will pave the way for Bitcoin to rise to $ 45,000.
If Bitcoin fails to climb above the $ 43,000 resistance level , a new decline is likely to begin. The nearest downstream support is in the $ 41,600 range.
The next significant support is in the $ 41,000 range. The collapse is likely to be the beginning of a downturn that will continue to $ 40 ,000 and even $ 39,500. A drop above this bitcoin pushes it to the $ 38,500 price range very fast.