It even moved above $42,500 and the 100 hourly simple moving average.
Besides, there was a break below a major bullish trend line with support near $41,250 on the hourly chart of the BTC/USD pair.
There was a break below the 50% Fib retracement level of the upward move from the $38,750 swing low to $42,950 high.
The price is now consolidating above the 61.8% Fib retracement level of the upward move from the $38,750 swing low to $42,950 high.
To start a strong upward move, the price must settle above the $41,000 zone and the 100 hourly simple moving average.
If bitcoin fails to clear the $41,000 resistance zone, it could continue to move down.
The next major support is seen near the $40,000 level.
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