TA: Bitcoin Resumes Decline, Why BTC Could Revisit $40K

Bitcoin started a fresh decline from the $43,400 zone against the US Dollar. BTC remains at a risk of more downsides below the $41,500 level. Bitcoin started a fresh decline after it failed to surpass $43,400. The price is now trading below $42,200 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a strong decline if there is a clear move below the $41,500 level. Bitcoin Price Turns Red Bitcoin price attempted an upside correction above the $42,500 level. BTC climbed above the $43,000 level, but it faced a strong selling interest near $43,400. The price also struggled to stay above the $43,000 level and the 100 hourly simple moving average. As a result, there was a fresh decline below the $42,500 support zone. The price gained bearish momentum and traded below $42,000. It is now trading below $42,200 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC/USD pair. A low is formed near $41,805 and the price is now consolidating losses. An immediate resistance on the upside is near the $42,185 level. It is close to the 23.6% Fib retracement level of the recent decline from the $43,416 swing high from the $41,805 low. The next resistance could be near $42,600. It is near a pivot zone and the...