Bitcoin price started a sharp decline after trading close to $45,000. BTC is down over 8% but the bulls seem to be active above $40,000.
- Bitcoin is showing a few bearish signs from the $44,699 high.
- The price is trading below $43,500 and the 100 hourly Simple moving average.
- There was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could find strong buying interest near the $40,000 zone.
Bitcoin Price Drops Heavily
Bitcoin price remained in a bullish zone after it broke the $40,000 resistance. BTC climbed higher steadily above the $42,000 and $43,000 levels. The price even rallied above $44,000.
However, it failed to test the $45,000 resistance. A high was formed near $44,699 and the price started a sharp downside correction. There was a move below the $44,000 level. Besides, there was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC/USD pair.The pair declined below the 50% Fib retracement level of the upward move from the $39,398 swing low to the $44,699 high. Bitcoin is now trading below $43,500 and the 100 hourly Simple moving average.
However, the bulls are protecting the $40,000 support and the 76.4% Fib retracement level of the upward move from the $39,398 swing low to the $44,699 high. The price is attempting a recovery wave and facing resistance near the $42,400 level.