BTC Price Slumps, Is the Bullish Trend Coming to an End ||10%tron-fan-club

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On this occasion tonight I want to share about the news of the crypto world which is always fluctuating, Bitcoin (BTC) has recently faced significant obstacles in its trajectory. Despite attempting to cross the US$46,000 resistance level, BTC is facing strong selling pressure. This situation worsened with the emergence of rumors of its spot ETF rejection, triggering bearish sentiment that led to a decline in BTC prices.

BTC Price Movement

The hourly chart of the BTC/USD pair reveals a convincing narrative. Initially, the cryptocurrency experienced a break below a crucial bullish trend line, marked by support around US$43,200. According to a NewsBTC report, this breach led to a sharp drop of more than 10 percent, ultimately pushing the price below the US$40,000 support. The lowest point reached was around US$39,500.

However, a glimmer of hope emerged as the market began a recovery wave. BTC managed to return above the US$41,500 and US$42,000 levels, showing resilience amidst the bearish attacks. Most notably, there was a positive movement above the 50 percent Fibonacci retracement level of the previous downward movement from the swing peak of US$45,913 to the bottom of US$39,501.

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As of the last update, Bitcoin is trading below US$43,500 and the 100-hour SMA indicator. Immediate resistance is anticipated around the US$43,200 level, with the first major resistance at US$43,500 or the 61.8 percent Fibonacci retracement level from the last swing top to the bottom.

A firm close above US$43,500 could pave the way for a move higher, with the next significant resistance located at US$44,400. Surpassing this level could open the door for a potential rise towards US$45,000.

However, if BTC fails to overcome the resistance zone around US$43,500, there is a threat of a new decline. The nearest support is located around the US$42,000 level, but a breach of this could be a sign of increasing bearish momentum. The next critical support is at US$41,300. A move below this threshold could trigger further downside momentum, possibly pushing the price towards the US$40,500 support in the short term.

Bitcoin is at an important crossroads as it faces resistance levels and the impact of ETF rejection rumors.

Traders and investors are closely monitoring the mentioned key levels, with a decisive move likely to determine the short-term trend for BTC price. As the crypto market continues to navigate through uncertainty, the resilience shown amidst challenges emphasizes the timeless nature of these digital assets, thank you and that's all the news for tonight, hope it's useful.