Bitcoin

Resistance

Bitcoin price failed again to gather pace above the $43,500 resistance level. BTC started a fresh decline and might soon revisit the $40,000 support. 
<ul> 
 <li>Bitcoin is moving lower below the $42,000 support zone.</li> 
 <li>The price is trading below $42,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance near $41,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could find strong buying interest near the $40,600 and $40,000 levels.</li> 
</ul> 
<h2 id="bitcoin-price-declines-below-42k">Bitcoin Price Declines Below $42K</h2> 
Bitcoin price attempted <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-uptrend-43500/" target="_blank" rel="noopener ">more gains</a> above the $43,000 level. However, BTC failed to clear the $43,500 resistance and formed another rejection pattern. 
A high was formed near $43,421 and the price started a fresh decline. There was a move below the $42,200 and $42,000 levels. The price declined below the 50% Fib retracement level of the upward move from the $40,605 swing low to the $43,421 high. 
Bitcoin is now trading below $42,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rips-higher-43k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bearish trend line forming with resistance near $41,800 on the hourly chart of the BTC/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-13.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-565743" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-13.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-13.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-13.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-13.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-13.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-13.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-13.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-13.png?resize=1024%2C461?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> 
On the upside, immediate resistance is near the $41,250 level. The first major resistance is forming near $41,800 and the trend line. A close above the $41,800 resistance might start a steady increase. The next key resistance could be near $42,250, above which BTC could rise toward the $42,800 level. A clear move above the $42,800 level could set the pace for a test of $43,500. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $41,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $40,600 level or the last swing low. 
The next major support is near $40,000. It is close to the 1.236 Fib extension level of the upward move from the $40,605 swing low to the $43,421 high, 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 $38,400 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 20 level. 
Major Support Levels – $40,600, followed by $40,000. 
Major Resistance Levels – $41,250, $41,800, and $42,250.

Bitcoin Price Drops Again – What Could Trigger A Fresh Increase?

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