Bitcoin price is still struggling below the $43,250 resistance zone. BTC remains at risk of more downsides if it stays below $43,500 for a long time.
- Bitcoin price is still trading in a range from the $41,500 zone.
- The price is trading below $43,250 and the 100 hourly Simple moving average.
- There was a break below a key rising channel with support near $42,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now at risk of more downsides below the $41,500 support zone.
Bitcoin Price Turns Red
Bitcoin price started a consolidation phase from the $41,500 zone. BTC recovered a few points, but the bears were active near the $43,250 and $43,500 levels.
The last swing high was near $43,568 before the price started a fresh decline. There was a clear move below the $43,000 level. Besides, there was a break below a key rising channel with support near $42,880 on the hourly chart of the BTC/USD pair.Bitcoin is now trading below $43,250 and the 100 hourly Simple moving average. It is again attempting a recovery wave above the $42,500 level.
On the upside, the price is facing resistance near the $42,800 level. It is close to the 50% Fib retracement level of the recent decline from the $43,568 swing high to the $42,190 low. The first major resistance is $43,000. The main resistance is now forming near the $43,250 level.