Bitcoin

Resistance

Bitcoin price jumped from the $40,500 support zone. BTC is up over 5% but the bears are still defending the $43,500 resistance zone. 
<ul> 
 <li>Bitcoin started a strong increase from the $40,500 support zone.</li> 
 <li>The price is trading above $42,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a major bearish trend line with resistance near $41,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could decline again if it fails to clear the $43,500 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-revisits-43-500">Bitcoin Price Revisits $43,500</h2> 
Bitcoin price extended its decline below the $41,200 support level. However, BTC remained well-bid above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-drops-again-40k/" target="_blank" rel="noopener ">$40,500 support zone</a>. A low was formed near $40,515 and the price started a fresh increase. 
There was a steady increase above the $41,200 and $42,000 levels. There was a break above a major bearish trend line with resistance near $41,850 on the hourly chart of the BTC/USD pair. The pair rallied above the $43,000 resistance zone. 
Bitcoin is now struggling to clear the key $43,500 resistance zone. A high is formed near $43,464 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the upward move from the $40,515 swing low to the $43,464 high. 
It is well above $42,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-uptrend-43500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, immediate resistance is near the $43,250 level. The first major resistance is forming near $43,500. A close above the $43,500 resistance might start a steady increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-14.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-565931" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-14.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-14.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-14.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-14.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-14.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-14.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-14.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-14.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> 
The next key resistance could be near $44,200, above which BTC could rise toward the $45,000 level. A clear move above the $45,000 level could set the pace for a test of $46,500. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $43,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,750 level. 
The next major support is near $42,000 or the 50% Fib retracement level of the upward move from the $40,515 swing low to the $43,464 high. If there is a move below $42,000, there is a risk of more losses. In the stated case, the price could drop toward the $40,500 support in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 20 level. 
Major Support Levels – $42,750, followed by $42,000. 
Major Resistance Levels – $43,200, $43,500, and $45,000.

Bitcoin Price Rallies 5% But Key Breakout Resistance Is Still Intact

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