Bitcoin (BTC) is currently experiencing difficulty as it faces resistance near $43,250. Despite initiating a consolidation period after reaching $41,500, BTC’s attempts to regain momentum face roadblocks at $43,250 and $43,500 levels.
The crypto is at a critical juncture, with potential losses looming if it fails to maintain a position above $43,500.
Following a consolidation phase of around $41,500, Bitcoin experienced a modest recovery. However, bears operating near the $43,250 and $43,500 levels resisted the ascent. The latest downward movement began after reaching a swing high of $43,568.
The breakdown below $43,000 marked a significant shift in price action. Furthermore, a critical rising channel with support near $42,880 was breached, adding to the bearish sentiment. Bitcoin’s struggle to stay above these key levels raises concerns about potential further declines.
Bitcoin is currently trading below the $43,250 resistance and the 100-hourly Simple Moving Average (SMA). The breach of these levels suggests a difficult environment for the bulls. However, there is an ongoing effort to start a recovery wave, with BTC aiming to surpass $42,500.
The cryptocurrency market remains on edge, with Bitcoin facing the risk of extended downside movements if it fails to maintain a position above $43,500.
