Bitcoin failed the $ 52,000 level against the dollar. Therefore it started a new decline. BTC is sliding down and is at risk of falling to $ 41,000.
Bitcoin is falling
Bitcoin has recovered above $ 50,000. However, he struggled to clear the $ 52,000 resistance.
The price is trading well below $ 50,000 and the 100 simple moving average.
There is a key bearish channel with resistance near $ 49,220 on the 4-hour chart of the BTC / USD pair.
The pair seems to continue to decline towards the $ 41,000 and $ 40,000 support levels in the near term.
If Bitcoin starts a new rise, the initial fundamental resistance is near the $ 48,000 level. The main resistance is currently forming at the upper trend line of the channel and the $ 50,000 level.
A clear break above channel resistance could open the doors for a reasonable increase above $ 50,000. The next key resistance is near the $ 52,000 level where the price could rise to the $ 55,000 level.
4-hour MACD: The MACD for BTC / USD is showing negative signs in the bearish zone.
4-hour RSI (Relative Strength Index): The RSI for BTC / USD is currently well below the 50 level.
Major Support Level: $ 44,000.
Major Resistance Level – $ 50,000.