TA: Bitcoin Resumes Decline, Why Bulls Might Struggle In Near-term

Bitcoin failed to test the $40,000 resistance zone against the US Dollar. BTC is now declining and might slide towards the $36,000 support zone. Bitcoin started a fresh decline after it failed to clear the $39,250 resistance zone. The price is now trading below $38,000 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to decline towards the $36,000 support or even $35,500. Bitcoin Price Tops Below $40K Bitcoin price attempted a move towards the $40,000 resistance zone. However, BTC failed to gain pace above the $39,250 zone. A high was formed near $39,290 and the price started a fresh decline. There was a clear move below the $38,000 support level and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $37,500 on the hourly chart of the BTC/USD pair. The pair traded below the 76.4% Fib retracement level of the key move from the $36,665 swing low to $39,290 high. It is now showing a few bearish signs below the $37,000 level. On the upside, an initial resistance is near the $37,200 level. Source: BTCUSD on TradingView.com The first major resistance is near the $37,500 zone. The main hurdle is now forming near the $38,000 zone and the 100 hourly simple moving average (the recent breakdown zone). A clear move abo...