Bitcoin failed to test the $40,000 resistance zone against the US Dollar. BTC is now declining and might slide towards the $36,000 support zone.
- Bitcoin started a fresh decline after it failed to clear the $39,250 resistance zone.
- The price is now trading below $38,000 and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline towards the $36,000 support or even $35,500.
Bitcoin Price Tops Below $40K
Bitcoin price attempted a move towards the $40,000 resistance zone. However, BTC failed to gain pace above the $39,250 zone. A high was formed near $39,290 and the price started a fresh decline.
There was a clear move below the $38,000 support level and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $37,500 on the hourly chart of the BTC/USD pair.
Source:The first major resistance is near the $37,500 zone. The main hurdle is now forming near the $38,000 zone and the 100 hourly simple moving average (the recent breakdown zone). A clear move above the $38,000 resistance could start a fresh increase. In the stated case, the price could revisit the $39,250 level.