The $44,300 barrier level was too much for the bitcoin price to overcome. Traders may look for bids at the $42,400 support area if Bitcoin continues its downward trend.

After breaking below the $44,300 barrier level, Bitcoin began a decline.

At the moment, it's trading below both the 100-hour simple moving average and $43,500.

On the hourly chart of the BTC/USD pair, there is a crucial declining channel forming with support at $42,850 .

The pair may initiate a new upward trend from the $42,400 support area.

Price of Bitcoin Reaches New High

The price of bitcoin tried to break out of its $43,500 resistance level again. Although Bitcoin price increased over $44,000, bears were aggressive around $44,300.

After forming a high at $44,300, the price began a new drop. Between $44,000 and $43,500, the price fell. The price dropped below the $44,300 high, which is the 23.6% Fibonacci retracement mark of the rise from the $40,515 swing low.

At its current price, Bitcoin is trading lower than both the 100-hour simple moving average and $43,500. Hourly, the BTC/USD pair shows support about $42,850 and a crucial descending channel is also formed. #BTC $BTC

The pair is now evaluating the support level of the channel; a break below might trigger a descent toward $42,400, the 50% Fibonacci retracement level of the price increase from the swing low of $40,515 to the high of $44,300. Potential for a new upswing is contingent upon the bulls defending the channel support.

Near the $43,500 mark, there is immediate resistance on the upside. Near $44,000 and $44,300, the first significant resistance is beginning to build. A significant rebound might begin if the stock closes over the $44,300 barrier and goes on to clear the $45,000 obstacle.

When Bitcoin price rebounds from its current level of support at $46,500, it may head toward the $47,200 mark. If there are any more gains, the price can reach $48,000.

Additional Bitcoin Losses?

A continuation of the decline is possible if Bitcoin is unable to break through the $43,500 barrier level. Near the $42,800 mark, there is immediate support for the downside.

The price will find its next strong level of support somewhere around $42,400. Losses can worsen if the price drops below $42,400. Given the circumstances, it is possible for the price to decline towards the $41,200 support level in the next days.

Graphs and charts:

The hourly MACD is moving faster and faster into the negative territory.

One hour's worth of RSI readings - As of right now, the RSI for the Bitcoin/USD pair is below 50.

Levels of Major Support - $42,400, then $41,200.

The key levels of resistance are $43,500, $44,300, and $45,000.