Bitcoin started a fresh decline below $40,000 against the US Dollar. BTC is gaining bearish momentum and could even drop to the $35,000 support.
Bitcoin started a fresh decline below the $40,000 and $39,000 levels.
The price is trading below $40,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down towards $35,000 unless it recovers above $39,000.
Bitcoin Price Extends Decline
Bitcoin price started another major decline after it failed to stay above the $42,000 support. BTC broke many important supports near $40,000 to enter a bearish zone.
The price gained bearish momentum below the $39,000 level and the 100 hourly simple moving average. It even declined below the $38,000 support level and traded as low as $37,801. The current price action suggests more downsides below $37,800.
If there is an upside correction, bitcoin price might face resistance near the $38,500 level. It is close to the 23.6% Fib retracement level of the recent decline from the $41,920 swing high to $37,801 low.
There is also a key bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair. The first key resistance is near the $39,800 level. It is close to the 50% Fib retracement level of the recent decline from the $41,920 swing high to $37,801 low.
Source: BTCUSD on TradingView.com
A clear move above the trend line resistance and then a move above $39,800 might start a steady increase. The next major resistance for the bulls may possibly be near the $40,500 level and the 100 hourly simple moving average.
More Losses in BTC?
If bitcoin fails to clear the $38,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $37,800 zone.
The next major support is seen near the $37,400 level. If there is a downside break below the $37,400 support, the price might start a major decline. In the stated case, there is a risk of a move towards the $35,000 level.
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 near the 30 level.
Major Support Levels – $37,800, followed by $37,400.
Major Resistance Levels – $38,500, $39,800 and $40,000.
Bitcoin started a fresh decline below $40,000 against the US Dollar. BTC is gaining bearish momentum and could even drop to the $35,000 support.
Bitcoin started a fresh decline below the $40,000 and $39,000 levels.
The price is trading below $40,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down towards $35,000 unless it recovers above $39,000.
Bitcoin price started another major decline after it failed to stay above the $42,000 support. BTC broke many important supports near $40,000 to enter a bearish zone.
The price gained bearish momentum below the $39,000 level and the 100 hourly simple moving average. It even declined below the $38,000 support level and traded as low as $37,801. The current price action suggests more downsides below $37,800.
If there is an upside correction, bitcoin price might face resistance near the $38,500 level. It is close to the 23.6% Fib retracement level of the recent decline from the $41,920 swing high to $37,801 low.
There is also a key bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair. The first key resistance is near the $39,800 level. It is close to the 50% Fib retracement level of the recent decline from the $41,920 swing high to $37,801 low.
Source: BTCUSD on TradingView.com
A clear move above the trend line resistance and then a move above $39,800 might start a steady increase. The next major resistance for the bulls may possibly be near the $40,500 level and the 100 hourly simple moving average.
If bitcoin fails to clear the $38,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $37,800 zone.
The next major support is seen near the $37,400 level. If there is a downside break below the $37,400 support, the price might start a major decline. In the stated case, there is a risk of a move towards the $35,000 level.
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 near the 30 level.
Major Support Levels – $37,800, followed by $37,400.
Major Resistance Levels – $38,500, $39,800 and $40,000.
Tags: bitcoinbtcusdBTCUSDTxbtusd
FeedzyRead More
Polymarket only sees a 16% chance that the Donald Trump will order the creation of…
In a new investor note published on January 29, 2025, Matt Hougan, Chief Investment Officer…
If someone told you that stock market investors are offloading their cherished holdings, you will…
Bitcoin price started a fresh upward move above $102,000. BTC is rising and might gain…
Elon Musk's Tesla (TSLA) appeared to take advantage of a new accounting rule allowing for…
According to a TradingView crypto analyst named ‘TradingShot,’ the Bitcoin price has formed a Double…
