Bitcoin Bears Extend Their Push; Why BTC Could Slide Further
  • BTC made another attempt to overcome the $41.5K level but failed.
  • Bitcoin now trades beneath $41K and the 100hour Simple Moving Average.
  • BTC/USD hourly chart shows a beak beneath a key bullish trend-line with $40.4K support.
  • A daily close beneath the support barrier of $40K can trigger extended drops.

BTC could not overcome the resistance at $41.5K again. A clear move beneath $39,200 support may trigger extended losses for the world’s largest crypto.

BTC Trims Gains

Bitcoin had its price consolidating beyond the resistance zone of $41.5K. However, bears remained active at $41.5K. The dominant crypto formed a high near $41,548 before a new downtrend emerged. Bitcoin saw a slump under the foothold of $41K. BTC plunged under the 50% Fibonacci retracement area of the move to $41,548 from $39,269.

Moreover, the 1hr chart shows a break beneath a critical bullish trend line with $40K as the support level. For now, the leading cryptocurrency by value trades beneath $41K and 100hour SMA. The bearish mood saw BTC exploring regions under the 76.4% Fibonacci retracement of the latest surge to $41,548 from $39,269. The closes resistance to the upside stands at $40.2K. Another hurdle can emerge at $40.4K and the 100hour Simple Moving Average.

BTC might relaunch a decent surge if bulls overcome the resistances at $40.4K and $40.5K. Such a move would see the currency exploring $41K. Further actions by bulls can see BTC hitting $41.5K in the short term.

More Downside for BTC?

BTC can witness a new downside wave if the pair fails to conquer the hurdle at $40.4K. That would see the token hitting the closest support barrier at $39,650. Another support stands at $39,250. A downside break under this foothold can trigger accelerated losses. Such a narrative may catalyze drops towards $38.5K, then $37,750.

While writing these lines, the crypto spectrum flashed bloodshed. Most assets hovered with 24-hour losses. The global market capitalization lost 0.08% over the past day, standing at $1.88 trillion.

Technical indicators

Hourly MACD: MACD gains pace within bearish level.

Hourly RSI: BTC RSI stayed beneath 50

Support levels: $39,650, $39,250

Resistance levels: $40,400, $41,000, $41,500

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