BTC could rally if it clears this hurdle

Bitcoin price started a fresh decline after it failed to clear the $45,000 resistance. BTC declined below the $43,500 and $42,000 support levels to enter a short-term bearish zone.

There was also a move below the $41,200 level. A low was formed near $40,150 and the price is now attempting a fresh increase. The bulls were able to push the price above the $41,200 level. The price is now above the 50% Fib retracement level of the downward wave from the $44,754 swing high to the $40,150 low.

There was a break above a key bearish trend line with resistance near $42,000 on the 4-hour chart of the BTC/USD pair. Bitcoin price is now trading above $42,500 and the 55 simple moving average (4 hours).

Immediate resistance on the upside is near the $43,000 level. The next major resistance might be near the $43,500 zone or the 76.4% Fib retracement level of the downward wave from the $44,754 swing high to the $40,150 low. A clear move above the $43,500 and $43,550 resistance levels might send the price toward $44,500.

Any more gains might push the price toward the $45,000 zone. If there is no upside break, the price might start a fresh decline below the $42,000 level.

The first major support is $41,200. The next key support is near the $40,500 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $38,500 level.

Looking at the chart, Bitcoin’s price is trading above $42,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $43,500 resistance zone.

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