Bitcoin’s price has failed to hold above the $46,000 support level. As a result, BTC fell precipitously below the $45,000 mark.
The price smashed through several support levels between $44,000 and $43,000, entering a bearish zone. The price fell below $42,000 and settled below the 100 hourly simple moving average. It traded at $40,000 and reached a low of $40,200.
Bitcoin is currently correcting higher and has breached the $41,500 barrier. The price was able to break through the 50% Fib retracement level of the latest collapse from the $44,250 swing high to the $40,200 low.
On the upside, an immediate barrier is near the $43,000 mark, and the first significant barrier is located near the $43,100 level. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $43,100.
If bitcoin fails to break through the $43,100 barrier level, it may resume its slump. On the downside, there is immediate support near the $42,200 level.
The next big support level is at $41,500. A breach below the $41,500 level could start a new fall towards the $40,500 or possibly $40,000 level.