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Bitcoin Key Indicators Suggest a Strengthening Case for Move Below $40K

Bitcoin didn’t manage to remain above the $43,000 support against the US Dollar. Bitcoin is now trading in a bearish zone and may continue to fall below $41,200.

BTC can’t seem to be able to rise above the $42,500 and $42,800 resistance levels. Currently, it is trading hands below $43,000 and the 100 hourly simple moving average.

Because Bitcoin didn’t manage to go higher than the $43,500 resistance zone, a bearish reaction started below the $43,000 support level.

On the plus side, we have an initial resistance around the $42,500 level while the follow-up important resistance level is at $42,650.

Bitcoin Price

Source: BTCUSD on TradingView.com

The trend line sits around the 50% retracement level of the recent fall from the $43,800 swing high to $41,579 low. If it manages to rise above the $42,800 level, the price could grow to the $43,500 resistance. If the increase continues, we may even see Bitcoin testing the $44,000 resistance zone, with the next important resistance sitting around the $45,000 level.

But if BTC doesn’t manage to begin a new increase above $42,800, we may see it go down to the $42,000 support level while the first major support sits around the $41,500 zone. If it goes all the way down to $40,000, bears will most likely take control.

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