Bitcoin Turns Lower, Why BTC Could Extend Losses Below $42.5K

Bitcoin failed again to clear the $45,500 resistance zone against the US Dollar. BTC is declining and remains at a risk of more losses below $42,500.

Bitcoin attempted another upside break above $45,500 but failed.
The price is trading below $43,500 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline sharply if there is a clear move below the $42,500 support zone.

Bitcoin Price Corrects Gains
Bitcoin price attempted an upside break above the $45,500 resistance zone. However, BTC struggled to gain pace above the $45,500 level. A high was formed near $45,900 and the price started a fresh decline.
The price moved below the $45,000 and $44,500 support levels. Besides, there was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC/USD pair. The pair is now trading below $43,500 and the 100 hourly simple moving average.
Bitcoin is now finding bids near the $42,600 level. A low is formed near $42,664 and the price is now consolidating losses. An immediate resistance is near the $43,450 level. It is near the 23.6% Fib retracement level of the recent decline from the $45,900 high to $42,664 low.
The first major resistance is near the $44,000 level and the 100 hourly simple moving average. The next key resistance is near the $44,250 level. It is near the 50% Fib retracement level of the recent decline from the $45,900 high to $42,664 low.

Source: BTCUSD on TradingView.com
A clear upside break above the $44,250 level might open the doors for more upsides. The main resistance on the upside is still near the $45,500 level.
More Losses in BTC?
If bitcoin fails to start a fresh increase above $44,250, it could continue to move down. An immediate support on the downside is near the $42,600 zone.
The next major support is seen near the $42,500 level. If there is a downside break below the $42,500 support, the price could start a major decline towards the $41,200 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 below the 50 level.
Major Support Levels – $42,500, followed by $41,200.
Major Resistance Levels – $44,000, $44,250 and $45,500.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,254.03
ethereum
Ethereum (ETH) $ 1,590.37
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 212.65
xrp
XRP (XRP) $ 0.500937
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 1,590.02
cardano
Cardano (ADA) $ 0.245996
dogecoin
Dogecoin (DOGE) $ 0.060827
solana
Solana (SOL) $ 19.31
tron
TRON (TRX) $ 0.084773
the-open-network
Toncoin (TON) $ 2.15
polkadot
Polkadot (DOT) $ 4.03
matic-network
Polygon (MATIC) $ 0.520576
litecoin
Litecoin (LTC) $ 64.40
shiba-inu
Shiba Inu (SHIB) $ 0.000007
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,253.03
bitcoin-cash
Bitcoin Cash (BCH) $ 213.21
chainlink
Chainlink (LINK) $ 7.43
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 3.79
true-usd
TrueUSD (TUSD) $ 0.998819
uniswap
Uniswap (UNI) $ 4.28
avalanche-2
Avalanche (AVAX) $ 8.99
stellar
Stellar (XLM) $ 0.111708
monero
Monero (XMR) $ 144.62
okb
OKB (OKB) $ 43.03
binance-usd
BUSD (BUSD) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 15.17
cosmos
Cosmos Hub (ATOM) $ 7.04
hedera-hashgraph
Hedera (HBAR) $ 0.049773
filecoin
Filecoin (FIL) $ 3.21
crypto-com-chain
Cronos (CRO) $ 0.050216
internet-computer
Internet Computer (ICP) $ 2.95
lido-dao
Lido DAO (LDO) $ 1.47
aptos
Aptos (APT) $ 5.47
mantle
Mantle (MNT) $ 0.390840
quant-network
Quant (QNT) $ 86.51
maker
Maker (MKR) $ 1,337.02
vechain
VeChain (VET) $ 0.016565
arbitrum
Arbitrum (ARB) $ 0.816403
near
NEAR Protocol (NEAR) $ 1.10
optimism
Optimism (OP) $ 1.26
kaspa
Kaspa (KAS) $ 0.046713
rocket-pool-eth
Rocket Pool ETH (RETH) $ 1,725.00
aave
Aave (AAVE) $ 61.74
the-graph
The Graph (GRT) $ 0.087098
algorand
Algorand (ALGO) $ 0.097385
whitebit
WhiteBIT Coin (WBT) $ 5.23
usdd
USDD (USDD) $ 0.998847