TA: Why Bitcoin Price At Risk of A Fresh Drop To $42K

TA: Why Bitcoin Price At Risk of A Fresh Drop To $42K

Bitcoin price corrected gains and moved above $45,000 against the US Dollar. BTC is now struggling to surpass $47,000 and it could start another decline.

Bitcoin is facing a major resistance near $47,500 and $48,000 levels. The price is now trading well below $48,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline as long as it is trading below the $48,000 pivot level. Bitcoin Price Faces Hurdles

Bitcoin price declined heavily towards $42,000 before it started a recovery. BTC was able to recover above the $43,500 and $45,000 resistance levels.

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The price even climbed above the 23.6% Fib retracement level of the main decline from the $52,800 swing high to $42,000 swing low. The bulls even pushed the price above the $46,000 level. However, they faced sellers

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