Bitcoin (BTC) Price Starts to Fumble as Bears Dominate the Market

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  • Bitcoin may continue to decline if the $41,000 level of resistance is not broken soon.
  • Bitcoin has been down 3.67% in the last 24 hours.

The $41,500 resistance level was breached, but the price of bitcoin stayed considerably above it. BTC accelerated and broke over the $42,000 barrier. It even crossed $42,500 and the 100-hour simple moving average. Bulls failed to get beyond the $43,000 barrier, though. The price moved to the negative after a high was made around $42,950. The $42,000 mark was breached with a thud. In addition, the hourly chart of the BTC/USD pair saw a break below a solid bullish trend line with support at $41,250.

BTC/USDT: Source: TradingView

$41K Critical Barrier For Surge

The upward rise from the $38,750 swing low to the $42,950 high was retraced to 50% by the Fibonacci retracement level, which was broken down below. Bitcoin’s price 100 hourly simple moving average is presently below $41,000. As of this writing, the price is holding above the 61.8 percent Fib retracement level of the upward movement from the low of $38,750 to the top of $42,950. The $40,750 level serves as a near-term ceiling for the stock’s gains. The next major obstacle is the 100 hourly simple moving average (SMA), around $40,950.

The price must cross over the $41,000 level and the 100-hour simple moving average in order to begin a robust upward movement. Price might increase towards $41,800 if the bulls prevail. Bitcoin may continue to decline if the $41,000 level of resistance is not broken soon. The $40,250 level provides immediate downside support. If the price falls below the $40,000 support area on the downside, we might see a move below the $39,250 support area.

According to CMC, the Bitcoin price today is $40,417.40 USD with a 24-hour trading volume of $37,282,083,755 USD. Bitcoin has been down 3.67% in the last 24 hours.

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