Meanwhile, the Resistance level above $43,000 proves to be strong for bulls to break, as bears are now pushing the price per coin back down to retest support lower.
Despite the risk of crossing below the 9-day moving average, that doesn’t necessarily mean a downtrend will begin, or that the greater bull market is immediately over.
Further resistance levels could be located around $44,000, $46,000, and $48,000 while the critical supports lie at $36,000, $34,000, and $32,000 as the technical indicator Relative Strength Index moves to cross below 40-level.
Meanwhile, unless the king coin recaptures $41,000 in the near term, the bears could have the upper hand over the bulls, and BTC/USD may soon reel significantly lower.
Meanwhile, as the technical indicator Relative Strength Index moves below the 40-level, more bearish signals could bring the price below the lower boundary of the channel.