BTC Dives Further And Could Find Bids Near $42K: Price Analysis

BTC dives further and could soon find bids near $42K with the price extending the decline below the $45,000 support zone against the US dollar. The price is declining and could soon see the $42,000 or $40,000 in the near term as we can see more in our latest bitcoin news today.

BTC dives further and started a major decline from the $50K level and traded close to the $45,000 with the price now trading below it and the 100 hourly simple moving average. There’s a bearish trendline that is forming near the resistance at ,000 on the hourly charts of the pair with it being able to bid near the ,00 zone or the ,000 in the coming sessions.
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The price failed to settle above the $50K level and started a new decline. BTC broke a few important supports near the $48K to move further into the bearish zone.

The price traded below the $45K support level and settled below the 100 hourly simple moving average with a minor upside correction from the $43,800 zone with the price climbing above the $45K but failing to extend the gains. A high was formed near the $46,645 before the price starts a new decline and there was even a break below the $45K support zone with a key bearish trend line forming with resistance near the $45,000 on the hourly charts of the BTC/USD pair.

The pair broke the recent swing low at $43,869 and it is now extending the losses with initial support being near the $43,200 level and now it is near the 1.236 fib extension level from the upwards move at $43,869 low to the $46,645 high. The main support is close to the $42,000 zone and it is also close to the 1.618 fib extension level from the upward move of the $43,869 low to $46,645 high. More losses could call for a retest of the $40,000 support zone.

If BTC stays above the $42,000 support zone, there are chances of a decent increase with the initial one being on the upside near the $45,000 zone and trend line. The main resistance is close to the $46,500 zone with a close above the $46,500 level that is needed to start a steady increase in the coming sessions. The hourly MACD for the pair is gaining pace in the bullish zone and the hourly RSI for the pair is moving lower to the 20 levels.