Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $45K
Bitcoin is struggling below the $45,000 resistance against the US Dollar. BTC must stay above $43,180 to avoid a sharp decline in the near term.
- Bitcoin is showing a few bearish signs below $45,000 and $44,500.
- The price is trading above $43,500 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $43,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bearish momentum if there is a clear move below $43,180.
Bitcoin Price Stuck Below $45K
Bitcoin price failed to test the $45,000 resistance and started a downside correction. BTC declined below the $44,000 support level to move into a short-term consolidation phase.
There was a break below the 23.6% Fib retracement level of the upward move from the $41,574 swing low to $44,770 high. However, the price is still trading above $43,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $43,800 on the hourly chart of the BTC/USD pair.
Recently, the price dipped below the $43,250 level, but it was supported above the $43,000 level. Bitcoin is now consolidating near the $44,000 level.
Source: BTCUSD on TradingView.com
On the upside, an initial resistance for the bulls is near the $44,450 level. The next key resistance is near the $44,800 level or the $44,700 high. The main resistance is still near $45,000. A clear move above the $45,000 resistance zone might start a decent increase. The next major resistance is near $45,500, above which the price might rise towards the $46,800 level.
More Losses in BTC?
If bitcoin fails to continue higher above the $44,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $43,800 zone and the trend line.
The next major support is seen near the $43,180 level. It is near the 50% Fib retracement level of the upward move from the $41,574 swing low to $44,770 high. If there is a downside break below the $43,180 support zone, the price might gain bearish momentum for a move to $42,400.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.
Major Support Levels – $43,800, followed by $43,180.
Major Resistance Levels – $44,400, $44,800 and $45,000.