TA: Bitcoin Breaks Key Support, Why BTC Could Revisit $40K

Bitcoin price failed to stay above the key $45,000 support zone against the US Dollar. BTC is showing a few bearish signs and it could correct lower to $40k. Bitcoin extended its decline below the $45,500 and $45,000 support levels. The price is now trading below $46,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $45,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could recover losses, but upsides might be limited above $45,500. Bitcoin Price Dips Further Bitcoin price started a fresh decline after it failed to clear the $48,000 resistance zone. BTC broke the $46,500 support zone to move into a short-term bearish zone. It is consolidating above $45,500 for some time, but the bears finally took control. As a result, there was a push below the $45,000 support and the 100 hourly simple moving average. Bitcoin even spiked below $44,500 and traded as low as $44,258. It is now consolidating losses above the $44,500 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $47,203 swing high to $44,258 low. On the upside, an immediate resistance is near the $45,000 level. The first key resistance is near the $45,700 level (the recent breakdown zone). There is also a key bearish trend line forming with resistance near $45,800 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The trend...