Bitcoin (BTC) trading below $41,200 poses a challenge for bulls, hinting at a struggle to sustain upward momentum.
If Bitcoin fails to rise above $41,700, there is a risk of continued downward movement.
Bitcoin (BTC) is experiencing a potential downturn following its significant eight-week surge, propelling from $26,866 to an impressive $44,543. As of now, the largest cryptocurrency has displayed a 2% dip in the last 24 hours, with its current value resting below $41,200, according to CoinMarketCap.
Despite multiple attempts to breach the $45,000 resistance barrier, Bitcoin has struggled to sustain upward momentum. The latest setback saw BTC unable to surpass the $44,600 resistance, forming a rejection pattern after reaching a peak of $44,543 on December 9. This initiated a renewed decline, slipping below the $40,800 level and currently trading under $41,200, accompanied by a noticeable breach of the 100-hourly simple moving average.
Bitcoin (BTC) Will Hit $43,000?
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