Bitcoin attempted a recovery above the $43,500 resistance but faced resistance, signaling a short-term top.
Bitcoin Price declined, breaking below the $42,200 support zone.
Further extending its downward movement, Bitcoin fell below the $41,500 support level.
Bearish momentum strengthened as Bitcoin struggled below the $42,500 zone.
BTC is displaying signs of a bearish trend, facing challenges to remain above the critical $40,000 support.
Last night witnessed a 3.20% drop in Bitcoin prices, testing the pivotal bullish defense at the 50% Fibonacci level.
Yesterday, BTC broke below the Channel pattern, signaling further selling pressure.
The rounding bottom pattern is facing pressure as sellers prepare to establish a second consecutive bearish candle.
Coin Gabbar analysis reveals that the recent decline in BTC price is testing the zone with multiple reversal points, with sellers gaining control over the 50-Day MA.
KEY LEVELS :
RESISTANCE LEVEL : $41,800-$42,400
SUPPORT LEVEL : $40,800-$40,000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
