TA: Bitcoin Bears Keep Pushing, Why There’s Risk of More Losses

Bitcoin failed again to clear the $41,500 resistance zone against the US Dollar. BTC could extend losses if there is a clear move below the $39,200 support zone. Bitcoin made another attempt to gain pace above the $41,500 level but failed. The price is now trading below $41,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $40,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend decline if there is a daily close below the $40,000 support zone. Bitcoin Price Trims Gains Bitcoin price corrected above the $41,000 resistance zone. BTC even cleared the $41,400 level and attempted a clear move above the $41,500 resistance zone. However, the bears were active near the $41,500 level. A high was formed near $41,548 and the price started a fresh decline. There was a clear move below the $41,000 support zone. The price declined below the 50% Fib retracement level of the recent increase from the $39,269 swing low to $41,548 high. Besides, there was a break below a key bullish trend line with support near $40,400 on the hourly chart of the BTC/USD pair. The pair is now trading below $41,000 and the 100 hourly simple moving average. It also spiked below the 76.4% Fib retracement level of the recent increase from the $39,269 swing low to $41,548 high. An immediate resistance on the upside is near the $40,200 level. The next key resistance cou...