Bitcoin failed again to clear the $45,500 resistance zone against the US Dollar. BTC is declining and remains at a risk of more losses below $42,500.
- Bitcoin attempted another upside break above $45,500 but failed.
- The price is trading below $43,500 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline sharply if there is a clear move below the $42,500 support zone.
Bitcoin Price Corrects Gains
Bitcoin price attempted an upside break above the $45,500 resistance zone. However, BTC struggled to gain pace above the $45,500 level. A high was formed near $45,900 and the price started a fresh decline.
The price moved below the $45,000 and $44,500 support levels. Besides, there was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC/USD pair. The pair is now trading below $43,500 and the 100 hourly simple moving average.
Source:A clear upside break above the $44,250 level might open the doors for more upsides. The main resistance on the upside is still near the $45,500 level.