The price of bitcoin failed to break through the $43,500 and $43,650 resistance levels. As a result, BTC has dropped below the $42,000 support level once again.
Below the $40,200 and $40,000 support levels, the price continued to fall. Before the price began an upward reversal, a downward trendline was established near $39,579.
It has risen past the $40,000 and $41,000 mark once more. The price, however, remains below $43,000 and the 100 hourly simple moving average.
The 50 percent Fib retracement level of the recent downturn from the $43,624 swing high to the $39,579 low was broken by Bitcoin. The price is currently stabilizing below the $42,500 resistance level.
On the hourly chart of the BTC/USD pair, a key negative trend line is forming with resistance near $42,500.
The trend line is close to the 76.4 percent Fib retracement level of the current slide from the swing high of $43,624 to the low of $39,579, which occurred recently.
The price must break through the $42,500 resistance to begin a strong rebound. The next significant resistance zone is near $43,000, above which the price may increase to the $45,000 resistance.
If bitcoin fails to break over the $43,000 barrier level, it may begin a new downward trend. Near the $41,600 level, there is the immediate support on the downside.
The next significant support zone is around $41,000. A break below $41,000 on the downside might ignite a new fall towards $40,000 or even $39,500.
Any further losses could push the price down to $38,500 soon.