Bitcoin Resumes Decline, Here’s Why BTC Could Dive To New Monthly Low

  • Bitcoin failed to settle above $40,000 and it started a fresh decline below $38,000.
  • The price is now trading well below $40,000 and the 100 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $37,500 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue lower as long as it is trading below $38,000 and $40,000.

Bitcoin Price Turns Red

Upsides Limited in BTC?

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