#BitcoinPrice #BTC #Cryptocurrency #BearishZone #TradingView #BTCUSD #HourlySMA #ResistanceZone
Bitcoin’s price is currently under the struggle as it continues to linger beneath the $43,500 resistance zone. If it continues to stay under the 100 hourly Simple Moving Average (SMA), there is a chance that BTC could potentially start yet another drop. This significant decline started when BTC hit the $49,000 resistance zone. The aftermath resulted in it trading beneath $43,250 and the 100 hourly SMA. An important declining channel has also started to form. This channel has a resistance near $43,050 on the hourly chart of the BTC/USD pair, using the data from Kraken.
If BTC fails to rise above the $43,250 resistance zone, there could be a new decline starting. Moreover, trading has caused BTC to drop below the $46,500 and $45,000 support levels, which led it to enter a short-term bearish zone. Presently, Bitcoin is trading below $43,250 and the 100 hourly Simple moving average. There is also a significant declining channel with resistance around $43,050, which is forming on the hourly chart of the BTC/USD pair. The next most significant resistance is near the $45,250 mark. If BTC manages to close above this mark, then a significant increase can be noticed, potentially driving the price higher. However, there is a downside – if BTC fails to ascend above the $43,250 resistance, it could fall once again.
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