By Nathan Ferguson
- Bitcoin launched fresh downswings beneath the support levels of $43K and $42.5K.
- The price hovers beneath $42K and 100-hr Simple Moving Average.
- One-hour chart shows a break under critical optimistic trend-line will $43.6K support.
- Bitcoin might climb higher by $42K could limit further upside.
Bitcoin kick-started new declines beneath the support level of $43,000. The leading crypto fell to explore $40,000 and can extend further down.
BTC Price Goes Red
Bitcoin price could not stabilize beyond the support of $43,180, translating to new downward movements. Bitcoin dipped into a bearish territory as it traded under the support barrier at $42.5K. The downward journey gained momentum beneath $42K and the 100-hr Simple Moving Average. Furthermore, BTC/USD’s one-hour chart shows a break beneath a massive bullish trend-line with $43.6K support. Bitcoin even plunged beneath the $40.5K foothold to trade within the lows of $40.1K.
For now, the world’s largest cryptocurrency consolidates losses beneath the $41K mark. Meanwhile, the first resistance line stands near $41K. The area sits near the 23.6% Fibonacci retracement mark of the latest southward move to $40.1K from the swing peak of $44,375.
Another crucial resistance zone stands around $41,620. Nevertheless, the primary resistance develops around the $42,250 mark. It is near the 50% Fibonacci retracement zone of the latest fall to $40.1K from the peaks of around $44,375. A decisive move past the resistance zone of $42,250 might kick-start a decent upside move. With that, Bitcoin will discover another hurdle around $42,750, beyond which BTC could climb towards $43,200.
More Plummets in Bitcoin
Failure to launch a recovery move past the resistance zone of $41,000 might trigger continued downside actions. The closest support will emerge at the $40,350 mark. The following support locates at $40K. Losing this barrier may see bearish momentum intensifying towards the levels of $38,800.
While publishing this content, Bitcoin traded with bearish waves near $40,664.87. The downside moves emerged as geopolitical tensions between Ukraine and Russia intensified. For now, crypto traders need to be cautious and wait before executing new trades.