Here’s Why BTC Remains At A Risk of Fresh Drop

Bitcoin price failed to clear the key $40,000 resistance zone against the US Dollar. BTC is correcting gains and it remains at a risk of more losses towards $36,000 or $34,000.

Bitcoin is struggling to clear the $40,000 and $40,500 resistance levels.
The price is currently holding the $37,000 support and the 100 hourly simple moving average.
There was a break below a short-term contracting triangle with support near $38,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to accelerate lower if it breaks the $37,000 support and the 100 hourly SMA.

Bitcoin Price Struggles Below $40K
Bitcoin broke the $40,000 resistance and extended its recovery wave. BTC even cleared the $40,500 level and settled well above the 100 hourly simple moving average.
However, the bulls failed to gain strength above $40,500. A high was formed near $40,923 and the price corrected lower. There was a break below the $40,000 support level. Moreover, there was a break below a short-term contracting triangle with support near $38,400 on the hourly chart of the BTC/USD pair.
The pair gained pace below the 50% Fib retracement level of the upward move from the $36,472 low to $40,923 high. Bitcoin is currently holding the $37,000 support and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com
The 76.4% Fib retracement level of the upward move from the $36,472 low to $40,923 high is also acting as a support zone. On the upside, an immediate resistance is near the broken triangle support at $38,500. The first major resistance is near the $39,500 level. The main resistance is still near the $40,000 zone. A proper close above the $40,000 resistance zone could start a strong increase.
More Losses in BTC?
If bitcoin fails to clear the $39,500 resistance, there is a risk of more downsides. An initial support on the downside is near the $37,000 level.
The first major support is near the $36,000 pivot level. If there is a downside break below the $36,000 support, the price could decline towards the $34,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $37,500, followed by $36,000.
Major Resistance Levels – $38,500, $39,500 and $40,000.

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pepe
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internet-computer
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ondo-finance
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okb
OKB (OKB) $ 41.56
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 81,283.78
gatechain-token
Gate (GT) $ 20.10
aave
Aave (AAVE) $ 163.02
mantle
Mantle (MNT) $ 0.721675
bitcoin
Bitcoin (BTC) $ 81,338.79
ethereum
Ethereum (ETH) $ 1,873.06
tether
Tether (USDT) $ 0.999799
xrp
XRP (XRP) $ 2.26
bnb
BNB (BNB) $ 579.92
solana
Solana (SOL) $ 123.98
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.702365
dogecoin
Dogecoin (DOGE) $ 0.166229
tron
TRON (TRX) $ 0.225928
staked-ether
Lido Staked Ether (STETH) $ 1,868.61
lombard-staked-btc
Lombard Staked BTC (LBTC) $ 82,872.20
pi-network
Pi Network (PI) $ 1.67
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 81,187.75
leo-token
LEO Token (LEO) $ 9.74
stellar
Stellar (XLM) $ 0.272937
chainlink
Chainlink (LINK) $ 13.08
usds
USDS (USDS) $ 0.999930
hedera-hashgraph
Hedera (HBAR) $ 0.189048
wrapped-steth
Wrapped stETH (WSTETH) $ 2,237.90
avalanche-2
Avalanche (AVAX) $ 18.62
shiba-inu
Shiba Inu (SHIB) $ 0.000012
sui
Sui (SUI) $ 2.18
the-open-network
Toncoin (TON) $ 2.78
litecoin
Litecoin (LTC) $ 88.41
bitcoin-cash
Bitcoin Cash (BCH) $ 328.01
mantra-dao
MANTRA (OM) $ 6.30
polkadot
Polkadot (DOT) $ 4.01
ethena-usde
Ethena USDe (USDE) $ 0.999603
weth
WETH (WETH) $ 1,870.61
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999816
bitget-token
Bitget Token (BGB) $ 4.19
hyperliquid
Hyperliquid (HYPE) $ 12.38
whitebit
WhiteBIT Coin (WBT) $ 28.17
monero
Monero (XMR) $ 207.09
wrapped-eeth
Wrapped eETH (WEETH) $ 1,986.74
uniswap
Uniswap (UNI) $ 5.90
susds
sUSDS (SUSDS) $ 1.04
dai
Dai (DAI) $ 0.999854
aptos
Aptos (APT) $ 5.15
near
NEAR Protocol (NEAR) $ 2.58
pepe
Pepe (PEPE) $ 0.000007
ethereum-classic
Ethereum Classic (ETC) $ 17.92
internet-computer
Internet Computer (ICP) $ 5.47
ondo-finance
Ondo (ONDO) $ 0.830654
okb
OKB (OKB) $ 41.56
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 81,283.78
gatechain-token
Gate (GT) $ 20.10
aave
Aave (AAVE) $ 163.02
mantle
Mantle (MNT) $ 0.721675