BTC Broke Off Key Support And Here’s Why It Could Drop Below $40K

BTC Broke off key support and there are chances that it could drop below the $40K as the coin is declining and remains at risk of a sharp decline below the $40K as we can see more in our latest Bitcoin news today.

BTC broke off key support and failed to stay above the key $42,150 support against the US dollar and the coin declined, remaining at risk of a sharper decline below the $40K. There’s a new major bearish trend line forming with the resistance near the $44,000 on the hourly charts of the pair and it is likely to continue lower below the $40,000 support levels in the near term. The price started a decent recovery from the $42,000 and the $42,150 support levels but the bulls failed to push the price above the $46,000 resistance zone.

As a result, the price started a fresh decline below the $44,000 level with the bears being able to push the price below the main $42,000 support level and it is now trading well below the $45K and the 100 hourly simple moving average. Bitcoin tested the ,500 support zone and shows a lot of bearish signs with the initial resistance nearing the ,800 zone and nearing the 23.
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6% fib retracement level from the decline of the $45,774 high to $40,472 low.

There’s also a new major bearish trend line that is forming with the resistance near $44,000 on the hourly charts of the pair with the immediate resistance nearing the $43,000 zone and closing to the 50% fib retracement level from the decline at $45,774 high to $40,472 low. A successful close above the $43,200 and the $44,200 levels could open the doors for a recovery in the coming sessions with the next major resistance sitting near the $46,000 level. If BTC fails to clear the $43,200 and the $44,000 resistance levels, there’s a risk of more losses and the initial support on the downside is also near the $40,500 level.

The main support is now forming near the $40,000 zone and the downside break below these levels could spark another decline in the near term. The next key support could be set at $36,500 and the hourly MACD for the pair is gaining pace in the bearish zone. The hourly RSI for the pair is well below the 30 levels.