The Bitcoin price faces a difficult task, with the risk of further losses below $42,000 looming

Bitcoin price is still struggling below the $43,250 resistance zone. If BTC stays below $43,500 for a longer period of time, there is still a risk of further downside.

• Bitcoin price is still moving in a range starting from the $41,500 zone.
• The price is trading below $43,250 and the 100 hourly simple moving average.
• There was a break below a key upward channel with support near $42,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is now at risk of further downside below the $41,500 support zone.

Bitcoin price turns red

Bitcoin price started a consolidation phase from the $41,500 zone. BTC rallied a few points, but bears were active near the $43,250 and $43,500 levels.

The last swing high was around $43,568 before the price started falling again. There was a clear move below the $43,000 level. Additionally, there was a break below a key upward channel with support near $42,880 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $43,250 and the 100 hourly simple moving average. It is again attempting a recovery wave above the $42,500 level.

On the other side, the price is facing resistance near the $42,800 level. It is close to the 50% Fib retracement level of the recent decline from the swing high $43,568 to the low $42,190. The first major resistance is at $43,000. The main resistance is currently forming near the $43,250 level.

Source: BTCUSD on TradingView.com

The 76.4% Fib retracement level of the recent decline from the swing high $43,568 to the low $42,190 is also near $43,250. A clear move above the $43,250 resistance could propel the price towards the $44,000 resistance. The next resistance is now forming near the $44,250 level. A close above the $44,250 level could push the price further higher. The next major resistance is at $45,000.

More losses on BTC?

If Bitcoin fails to rise above the $43,250 resistance zone, a fresh decline could occur. The immediate downside support is near the $42,120 level.

The next major support is at $41,450. If the close is below $41,450, the price could gain bearish momentum. In the mentioned case, the price could fall towards the $40,000 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 – $42,120 followed by $41,450.

Major resistance levels – $43,000, $43,250 and $44,000.

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