Bitcoin price started a major drop below $44,000 after rumors of spot ETF rejection. BTC dived over 10%, but the bulls are still protecting the $40,000 support.
- Bitcoin declined heavily and even spiked below the $40,000 level.
- 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 $43,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if there is a close above the $43,500 resistance zone.
Bitcoin Price Dives Over 10%
Bitcoin price struggled to gain pace for a move above the $46,000 resistance level. BTC found a strong selling interest and then rumors of spot ETF rejection hit market.
It sparked bearish moves and the price tumbled below the $44,000 level. There was a break below a key bullish trend line with support near $43,200 on the hourly chart of the BTC/USD pair. The pair declined over 10% and even spiked below the $40,000 support.Bitcoin is trading below $43,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $43,200 level. The first major resistance is $43,500 or the 61.8% Fib retracement level of the downward move from the $45,913 swing high to the $39,501 low.