Bitcoin started a strong decline from the $43,500 resistance against the US Dollar. BTC remains at a risk of more downsides below the $39,200 support.

Bitcoin price gained pace for a move above the $42,500 level. However, BTC struggled to gain pace for a move above the $43,500 resistance zone.

A high was formed near $43,497 before the bears appeared. As a result, there was a fresh decline below the $42,000 support level and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $42,000 on the hourly chart of the BTC/USD pair.

There was a fresh decline below the $41,200 support zone. Bitcoin even declined below the $40,000 support zone. A low is formed near $39,261 and the price is now consolidating losses.

On the upside, an initial resistance is near the $40,250 level. It is near the 23.6% Fib retracement level of the recent decline from the $43,497 swing high to $39,261 low. The first major resistance is near the $40,500 level. An upside break above the $40,500 resistance could start a steady recovery wave towards $41,200.

The next key resistance is near the $41,200 level, above which the bulls might aim a test of $42,500. Any more gains may perhaps call for a move towards the $43,500 resistance zone.

If bitcoin fails to start a fresh increase above $40,500, it could start a fresh decline. An immediate support on the downside is near the $39,500 zone.

The first major support is seen near the $39,200 zone. A downside break below the $39,200 support zone may perhaps spark another major decline. The next major support is near $38,500, below which the price could even decline below the $38,000 zone.

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 in the oversold zone.

Major Support Levels – $39,500, followed by $39,200.

Major Resistance Levels – $40,250, $40,500 and $41,200.

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