Bitcoin price is still struggling to clear the $44,500 and $44,700 resistance levels. BTC is showing some bearish signs and could fall towards $42,150.
- Bitcoin is facing a major hurdle near the $44,500 resistance zone.
- The price is below $44,000 and the 100 hourly simple moving average.
- There was a break below a key uptrend line with support at $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline towards the $42,350 and $42,150 support levels.
Bitcoin price faces hurdles
Bitcoin price attempted a fresh rise above the $43,500 resistance zone. BTC even broke the $43,800 resistance zone, but the bears were active near the $44,500 resistance zone.
There were some attempts to gain strength above $44,500, but the bears remained active. A high was formed at $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 swing low of $42,480 to the high of $44,483.
Also, there was a break below a key uptrend line 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 other side, the immediate resistance is near the $44,000 level. The first major resistance lies at $44,200. The main resistance is now forming near the $44,500 level. A close above the $44,500 level could push the price further higher. The next major resistance is at $45,450. Any further rise above the $45,450 level could open the door for a move towards the $46,200 level.
More losses on BTC?
If Bitcoin fails to rise above the $44,000 resistance zone, another downtrend could occur. Immediate support on the downside is near $43,200 or the 61.8% Fib retracement level of the upside move from the swing low at $42,480 to the high at $44,483.
The next major support is around $42,800. A break below $42,800 could see the price gain bearish momentum. In the mentioned case, the price could decline towards the $42,150 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Levels – $42,800 followed by $42,150.
Major resistance levels – $44,000, $44,200 and $44,500.
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