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The Bitcoin price currently wrestles to break through the resistance marker set at $43,250. Bitcoin risks more potential downside if it fails to surpass $43,500 and stabilizes for a more extended period. It is now circulating within the bandwidth of the $41,500 zone. The price is trading less than $43,250 and the hundred-hourly Simple moving average. A vital rising channel with support nearby $42,880 has been broken on the hourly chart of the BTC/USD pair, hinting at more potential fallout below the $41,500 support zone.
Bitcoin began its consolidation phase from the $41,500 area. Although it did succeed in recovering some points, the bears stayed active near the resistance levels of $43,250 and $43,500. The price had reached a swing high near $43,568 before witnessing a new fall. Surpassing the $43,000 level and breaking the previous rising channel, Bitcoin now trades under $43,250 and the hundred-hourly Simple moving average. It faces resistance close to $42,800, in conjunction with the 50% Fib retracement level, and a significant resistance near $43,000. To send the price towards the $44,000 resistance level, a clear breakthrough above the $43,250 level is essential.
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