On the other hand, Bitcoin Value is attempting to gain the pace above the $41,500 level but failed.
Bitcoin is now trading below $41,000 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $40,400 on the hourly chart of the BTC/USD pair (data feed from Kraken) at the time of writing.
The pair could extend its decline if there is a daily close below the $40,000 support zone.
Bitcoin Value Trims Gains
The Bitcoin value and price corrected above the $41,000 resistance zone. BTC even cleared the $41,400 level and attempted a clear move above the $41,500 resistance zone.
However, the bears were active near the $41,500 level. A high was formed near $41,548, and the price started a fresh decline.
There was a clear move below the $41,000 support zone. The price declined below the 50% Fib retracement level of the recent increase from the $39,269 swing low to the $41,548 high.
Besides, there was a break below a key bullish trend line with support near $40,400 on the hourly chart of the BTC/USD pair.
Moreover, It spiked below the 76.4% Fib retracement level of the recent increase from the $39,269 swing low to the $41,548 high. Immediate resistance on the upside is near the $40,200 level.
Further, the following key resistance could be $40,400 and the 100 hourly SMA.
If the bulls are able to clear the $40,400 and $40,500 resistance levels, the price could start a decent increase. The price may rise towards the $41,000 resistance zone in the stated case. Any more gains could set the pace for a move towards the key $41,500 level in the near term.
More Losses in BTC?
If Bitcoin value fails to clear the $40,400 resistance zone, it could start another decline. Immediate support on the downside is near the $39,650 level.
- 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 levels.
- Major Support Levels – $39,650, followed by $39,250.
- Major Resistance Levels – $40,400, $41,000 and $41,500.