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Bitcoin Faces Potential Losses, Risks Revisiting $40K Mark
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Bitcoin, after testing resistance at $49,000, encountered a downturn breaching key supports at $45,000, signaling a short-term bearish trend.
Price Decline and Key Levels:
Bitcoin's peak near $49,000 triggered a steady decline, plummeting over 12%. The current trading scenario places it below $43,500 and the 100 hourly Simple Moving Average (SMA). A bearish trend line, evident at $42,850, poses a hurdle.
Source:BTCUSD on TradingView.com
Critical Resistance and Downside Risks:
Despite a minor recovery above $42,000, the resistance at $42,800 persists. The key obstacle lies at $43,250, comprising the 23.6% Fibonacci retracement level. Breaking this resistance could steer Bitcoin towards $44,000, followed by $45,200, marked as the 50% Fib retracement level. A breakthrough at $45,300 might propel a significant uptrend, targeting $47,000.
Potential for Further Downtrend:
Failing to surpass the $43,250 resistance may prompt renewed declines. Initial support at $42,120 is crucial, with $41,500 being a major level. A breach below $41,500 could escalate bearish momentum, pushing the price towards the $40,000 support.
Technical Indicators:
- Hourly MACD: Shows a declining bearish momentum.
- Hourly RSI: Below the 50 level, indicating weakened strength.
In conclusion, Bitcoin faces a challenging path with potential downside risks. Traders are keenly observing the $43,250 resistance and the $41,500 support levels, anticipating further market direction.
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