Bitcoin Price Watch: BTC/USD Remains Sell Near $4,200

Key Points

• Bitcoin price traded lower recently and broke the $4,120 support area against the US Dollar.
• There is a key bearish trend line in place with resistance at $4,180 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The price is currently trading above the $3,880 support, but it is at a risk of more losses.

Bitcoin price failed to climb higher above $4,400 and declined against the US Dollar. BTC/USD remains sell on rallies near the $4,120 and $4,200 resistance levels.

Bitcoin Price Analysis

Recently, bitcoin price formed a decent support near the $3,880 level and climbed higher against the US Dollar. The BTC/USD pair traded higher and broke the $4,000 and $4,120 resistance levels. However, the price failed to settle above the $4,300 resistance and declined again. A high was formed at $4,286 and the price traded below the 100 hourly simple moving average.

Sellers pushed the price below the $4,000 support and a new intraday low was formed at $3,907. The price is currently consolidating above $3,900 and $3,880. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $4,286 high to $3,907 low. However, the main resistance is near the $4,120 level and the 100 hourly simple moving average. There is also a key bearish trend line in place with resistance at $4,180 on the hourly chart of the BTC/USD pair. Below the trend line, the 61.8% Fib retracement level of the last decline from the $4,286 high to $3,907 low is at $4,142.

Looking at the chart, bitcoin price is clearly facing a lot of hurdles near the $4,120, $4,140 and $4,180 levels. Therefore, sellers remain in control as long as the price is below the $4,200 pivot level.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is placed heavily in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently well below the 40 level.

Major Support Level – $3,880

Major Resistance Level – $4,120

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