Bitcoin

Resistance

Bitcoin price struggled to start a fresh increase above the $42,300 resistance zone. BTC is declining and is now at a risk of more downsides below $40,000. 
<ul> 
 <li>Bitcoin failed to start a fresh increase above the $42,000 resistance zone.</li> 
 <li>The price is trading below $42,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance near $41,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could extend losses if there is a close below the $40,000 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-turns-red">Bitcoin Price Turns Red</h2> 
Bitcoin price started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-holds-support-40k/" target="_blank" rel="noopener ">fresh increase from the $40,000 support zone</a>. BTC climbed above the $41,500 resistance zone, but it failed to continue higher. 
The price failed to gain strength above the $42,250 and $42,300 resistance levels. A high was formed near $42,300 and the price started a fresh decline. There was a drop below the $42,000 and $41,500 levels. A low is formed near $40,606 and the price is now consolidating losses. 
Bitcoin is also trading below $42,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-crashes-8-and-wipes-weekly-gains-dips-supported/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, immediate resistance is near the $41,200 level. Besides, there is a key bearish trend line forming with resistance near $41,250 on the hourly chart of the BTC/USD pair. 
The first major resistance is forming near $41,450. It is near the 50% Fib retracement level of the downward move from the $42,300 swing high to the $40,606 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-9.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-565144" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-9.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-9.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-9.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-9.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-9.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-9.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-9.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-9.png?resize=1024%2C468?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 next key resistance might be the 76.4% Fib retracement level of the downward move from the $42,300 swing high to the $40,606 low at $41,900. A close above the $41,900 resistance might start a steady increase. The next key resistance could be near $42,300, above which BTC could rise toward the $43,000 level. A clear move above the $43,000 level could set the pace for a test of $44,000. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $41,250 resistance zone, it could start another decline. Immediate support on the downside is near the $40,600 level. 
The next major support is near $40,000, below which the price might test the $39,500 zone. If there is a move below $39,500, there is a risk of more losses. 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 50 level. 
Major Support Levels – $40,600, followed by $40,000. 
Major Resistance Levels – $41,250, $41,900, and $42,300.

Bitcoin Price Dips Again and Signals A Larger Pullback To $38K

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