Bitcoin extended gains above $42,500 against the US Dollar. BTC struggled near $43,000 and started a sharp downside correction.

Bitcoin price remained well bid above the $41,500 resistance zone. BTC gained pace and cleared the $42,000 resistance zone. It even moved above $42,500 and the 100 hourly simple moving average.

However, the bulls failed to push the price above the $43,000 level. A high was formed near $42,950 and the price reacted to the downside. There was a sharp move below the $42,000 level. 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. Bitcoin is now trading below $41,000 and the 100 hourly simple moving average.

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. An immediate resistance on the upside is near the $40,750 level. The next key resistance could be $40,950 and the 100 hourly simple moving average.

To start a strong upward move, the price must settle above the $41,000 zone and the 100 hourly simple moving average. If the bulls succeed, the price could rise towards the $41,800 resistance zone.

If bitcoin fails to clear the $41,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $40,250 level.

The next major support is seen near the $40,000 level. A downside break below the $40,000 zone could send the price towards the $39,250 support zone.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $40,250, followed by $40,000.

Major Resistance Levels – $40,750, $41,000 and $41,800.

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