Bitcoin

Bitcoin Bears Keep Pushing, Why There’s Risk of More Losses

Bitcoin price corrected above the $41,000 resistance zone. Bitcoin even cleared the $41,400 level and attempted a clear move above the $41,500 resistance zone.

Source: CoinCu

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 $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. The pair is now trading below $41,000 and the 100 hourly simple moving average.

It also spiked below the 76.4% Fib retracement level of the recent increase from the $39,269 swing low to $41,548 high. An immediate resistance on the upside is near the $40,200 level. The next key resistance could be $40,400 and the 100 hourly SMA.

Source: TradingView

If the bulls able to clear the $40,400 and $40,500 resistance levels, the price could start a decent increase. In the stated case, the price may perhaps rise towards the $41,000 resistance zone. Any more gains could set the pace for a move towards the key $41,500 level in the near term.

More Losses in Bitcoin?

If bitcoin fails to clear the $40,400 resistance zone, it could start another decline. An immediate support on the downside is near the $39,650 level.

The next major support is seen near the $39,250 level. A downside break below the $39,250 support zone could accelerate losses. In the stated case, the price could decline towards the $38,500 level or even $37,750.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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