Bitcoin has begun a new decline against the US dollar, falling below the $40,000 level. BTC’s losses could be extended if it remains below the $40,000 resistance level. BITCOIN began a new decline after failing to break through the $40,000 resistance zone. The price is currently trading below $39,500 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $39,500. If the pair closes below $38,800, it could begin a major decline.

Bitcoin Price is Gaining Bearish Momentum

Bitcoin’s price fell below $40,500, putting it in a bearish zone. BTC moved into a bearish zone after trading below the $40,000 support level and settling below the 100 hourly simple moving average. The price dropped below the $39,200 support level. The price has formed a low near $38,700 and is now consolidating losses.

On the upside, immediate resistance is near the $39,500 level. On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $39,500. The next significant resistance level could be $39,700, or the 23.6 percent Fib retracement level of the recent drop from the $42,950 swing high to the $38,700 low.

Near the $40,000 level, the first major resistance is forming. The main resistance is around $40,500 and the 100 hourly simple moving average. The price must settle above the $40,500 zone and the 100 hourly simple moving to begin a solid upward move. In this scenario, the price could even surpass the 50% Fib retracement level of the recent decline from the $42,950 swing high to the $38,700 low.

More Bitcoin Losses?

If Bitcoin fails to break through the $40,000 resistance level, it may continue to fall. On the downside, there is immediate support near the $39,000 level. The next major support level is seen near $38,800. If the price falls below $38,800, it may move towards the $37,500 support zone. Good luck!