$BTC As Bitcoin's Price Falls, Will Bulls Be Able to Hold $40K?
The recent drop in Bitcoin price below the $41,450 support zone has persisted. Bitcoin is displaying negative indicators and may find it difficult to maintain a price above the $40,000 support area.
Under the $42,500 mark, the bitcoin price is turning downward.
Under $42,000 and the 100-hour simple moving average, the price is now trading.
Based on data feed from Kraken, the hourly chart of the BTC/USD pair shows the formation of a crucial negative trend line, with resistance around $42,100.
More declines into the $40,000 support area are now possible for the two.
The Bitcoin Price Is Getting More Bearish
The price of bitcoin was unable to break out of the $43,250 resistance level. Below the $42,120 support zone, BTC began another drop after forming a short-term peak.
The bears succeeded in bringing the price down below the $41,450 mark. Consolidating losses, the price has created a new weekly low around $40,625 and is presently moving sideways. From its recent low of $40,625 to its latest high of $43,569, it has fallen over 23.6% of the way down.
