Bitcoin price topped near the $49,000 resistance zone. BTC started a major decline and broke many key supports at $45,000 to enter a short-term bearish zone.
- Bitcoin peaked near the $49,000 level and started a steady decline.
- The price is trading below $43,500 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance near $42,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh decline if there is a move below the $41,500 support zone.
Bitcoin Price Takes Major Hit
Bitcoin price failed to test the $50,000 resistance zone. BTC peaked near the $49,000 level and started a major decline. There was a strong decline below the $48,000 and $46,500 support levels.
The bears even pushed the price below the $45,000 support zone. It declined over 12% and tested the $41,500 support zone. A low was formed near $41,476 and the price started a recovery wave. There was a minor increase above the $42,000 resistance zone.However, Bitcoin is still trading below $43,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $42,800 level.
There is also a connecting bearish trend line forming with resistance near $42,850 on the hourly chart of the BTC/USD pair. The first major resistance is $43,250 or the 23.6% Fib retracement level of the downward move from the $49,000 swing high to the $41,476 low.
