Bitcoin price is showing bearish signs and is trading well below $40,000 against the US Dollar. BTC is likely to take losses below $34,000 and $32,000 in the near term.
Bitcoin could drop further
Bitcoin failed to rise above $40,000 and a fresh decline started below $38,000.
The price is currently trading well below $ 40,000 and the 100 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $37,500 on the 4-hours chart of the BTC/USD pair.
The pair could continue to decline as long as it trades below $38,000 and $40,000.
If bitcoin holds steady above the $33,500 level, a fresh increase could begin. An initial resistance on the upside is near the $36,500 level.
The first major resistance is near the trendline and at the $38,000 level. The main resistance is currently near $40,000. A close above $40,000 is essential to start a steady rise in the near term. The next key hurdle could be $45,000.
4-hours MACD – The MACD for BTC/USD is gaining momentum 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 – $33,500
Main Resistance Level – $38,000