Bitcoin

Resistance

Bitcoin price started a sharp decline after trading close to $45,000. BTC is down over 8% but the bulls seem to be active above $40,000. 
<ul> 
 <li>Bitcoin is showing a few bearish signs from the $44,699 high.</li> 
 <li>The price is trading below $43,500 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could find strong buying interest near the $40,000 zone.</li> 
</ul> 
<h2 id="bitcoin-price-drops-heavily">Bitcoin Price Drops Heavily</h2> 
Bitcoin price remained in a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-strong-44k/" target="_blank" rel="noopener ">bullish zone</a> after it broke the $40,000 resistance. BTC climbed higher steadily above the $42,000 and $43,000 levels. The price even rallied above $44,000. 
However, it failed to test the $45,000 resistance. A high was formed near $44,699 and the price started a sharp downside correction. There was a move below the $44,000 level. Besides, there was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC/USD pair. 
The pair declined below the 50% Fib retracement level of the upward move from the $39,398 swing low to the $44,699 high. Bitcoin is now trading below $43,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-45k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
However, the bulls are protecting the $40,000 support and the 76.4% Fib retracement level of the upward move from the $39,398 swing low to the $44,699 high. The price is attempting a recovery wave and facing resistance near the $42,400 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-7.png?resize=1024%2C458"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-564818" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-7.png?resize=1024%2C458" alt="Bitcoin Price" width="1024" height="458" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-7.png?resize=1024%2C458?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-7.png?resize=1024%2C458?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-7.png?resize=1024%2C458?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-7.png?resize=1024%2C458?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-7.png?resize=1024%2C458?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-7.png?resize=1024%2C458?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-7.png?resize=1024%2C458?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
The first major resistance is forming near $43,2000, above which the price might gain bullish momentum and rise toward $44,000. A close above the $44,000 resistance might start a strong upward move. The next key resistance could be near $44,200, above which BTC could rise toward the $45,000 level. 
<h2 id="40k-is-the-key-for-btc">$40K Is The Key For BTC</h2> 
If Bitcoin fails to rise above the $43,200 resistance zone, it could start another decline. Immediate support on the downside is near the $41,200 level. 
The next major support is near $40,500, below which the price might test the $40,000 zone. If there is a move below $40,000, there is a risk of more downsides. In the stated case, the price could drop toward the $38,500 support 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 30 level. 
Major Support Levels – $41,200, followed by $40,000. 
Major Resistance Levels – $42,400, $43,200, and $44,200.

Bitcoin Price Crashes 8% and Wipes Weekly Gains, Dips Supported?

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