TA: Bitcoin Breaks $40K, Recovery Could Be Difficult!

Bitcoin extended decline below the $40,000 support against the US Dollar. BTC is correcting losses, but it might face resistance near the $39,500 zone.

• Bitcoin extended decline below the $40,000 and $39,500 support levels.
• The price is trading below $40,000 and the 100 hourly simple moving average.
• There is a key bearish trend line forming with resistance near $39,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could correct higher, but upsides might be limited above $40,000.

Bitcoin Price Remains In Downtrend

Read More:  Source NewsBTC.com