Bitcoin struggled to clear the $42,500 resistance against the US Dollar. BTC is correcting gains and might find bids near the $40,000 support zone.
- Bitcoin started a downside correction from the $42,500 resistance zone.
- The price is trading below $41,500 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $41,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might start a fresh increase unless there is a clear move below the $40,000 support zone.
Bitcoin Price Dips Below Support
Bitcoin price made two attempts to clear the $42,500 resistance zone. BTC formed a high near the $42,400 zone and started a downside correction.
The price declined below the $42,000 and $41,500 support levels. It even traded below $41,200 and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $41,550 on the hourly chart of the BTC/USD pair.
Source:The next major resistance could be near the $41,200 zone and the 100 hourly SMA. A successful break and close above the $41,200 level might start a steady increase. In the stated case, the price might rise towards the $42,000 level. Any more gains might send the price towards the key $42,500 barrier in the near term.