TA: Bitcoin Dives To $40K, What Could Trigger More Downsides

Bitcoin started a fresh decline below the $43,000 support against the US Dollar. BTC declined sharply to $40,000 and might continue to move down. Bitcoin started a fresh decline below the $43,000 and $42,500 support levels. The price is trading below $42,000 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $43,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but upsides might be limited above $42,000. Bitcoin Price Turns Red Bitcoin price failed to stay above the $43,180 support level and extended decline. BTC traded below the $42,500 support level to enter a bearish zone. The decline gained pace below the $42,000 level and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $43,600 on the hourly chart of the BTC/USD pair. The pair even broke the $40,500 support and traded as low as $40,100. It is now consolidating losses below the $41,000 level. On the upside, an initial resistance is near the $41,000 level. It is near the 23.6% Fib retracement level of the recent dive from the $44,375 swing high to $40,100 low. Source: BTCUSD on TradingView.com The next key resistance is near the $41,620 level. The main resistance is now forming near the $42,250 level. It is close to the 50% Fib retracement level of the recent dive from the $44,375 swing high to $40,1...