Bitcoin price struggled to recover above $40,000 and extended its decline against the US Dollar. BTC could dive below $38,500 if it continues to stay below $40,000.
- Bitcoin extended its decline below the $40,000 and $39,200 support levels.
- The price is now trading well below $40,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $39,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must break $39,250 and $40,000 to start a fresh increase in the near term.
Bitcoin Price is Struggling
Bitcoin price started a fresh decline from well above $42,000 level. BTC broke the key $40,500 support level to move into a short-term bearish zone.
The price even settled below the $40,000 level and the 100 hourly simple moving average. It even broke the $39,200 support zone and traded as low as $38,711. The price is now consolidating gains above the $38,700 level.
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An initial resistance is near the $39,250 level. There is also a major bearish trend line forming with resistance near $39,250 on the hourly chart of the BTC/USD pair. The first major resistance is near the $39,600 level. It is close to the 23.6% Fib retracement level…