Bitcoin

Resistance

Bitcoin price attempted a fresh upside break above the $43,500 resistance. BTC failed and corrected lower to test the $41,800 support zone. 
<ul> 
 <li>Bitcoin is correcting gains from the $43,500 resistance zone.</li> 
 <li>The price is trading above $42,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance near $42,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move down if there is a move below the $41,650 support.</li> 
</ul> 
<h2 id="bitcoin-price-drops-again">Bitcoin Price Drops Again</h2> 
Bitcoin price gained pace above the $42,000 resistance zone. BTC even climbed above the $43,000 level, but it faced a strong rejection near $43,500. It seems like the price failed again to clear the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rallies-43500/" target="_blank" rel="noopener ">$43,500 zone</a>. 
A high was formed near $43,464 and the price started a fresh decline. There was a move below the $42,800 and $42,500 support levels. The price even spiked below the 50% Fib retracement level of the upward wave from the $40,514 swing low to the $43,464 high. 
Bitcoin found support near the $41,800 level. It is now trading above $42,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-drops-again-40k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. The price is also stable above the 61.8% Fib retracement level of the upward wave from the $40,514 swing low to the $43,464 high. 
On the upside, immediate resistance is near the $42,600 level. There is also a connecting bearish trend line forming with resistance near $42,600 on the hourly chart of the BTC/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-15.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-566089" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-15.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-15.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-15.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-15.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-15.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-15.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-15.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-15.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 first major resistance is forming near $43,000. The main resistance is still near the $43,500 zone. A close above the $43,500 resistance might start a steady increase. The next key resistance could be near $44,500, above which BTC could rise toward the $45,000 level. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $42,650 resistance zone, it could continue to move down. Immediate support on the downside is near the $42,000 level. 
The next major support is near $41,650. If there is a move below $41,650, 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 bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. 
Major Support Levels – $42,000, followed by $41,650. 
Major Resistance Levels – $42,650, $43,000, and $43,500.

Bitcoin Price Rejects $43.5K, Why BTC Could Tumble In Short-Term

Table of Contents

NewsBTC

Other articles published on Dec 20, 2023

Mike Novogratz Challenges Senator Warren on Crypto Bill

Ethereum (ETH) Price Eyeing Rally to $2,700 Amid Strong Exchange Outflows

BNB Price Faces Critical Juncture: Head-And-Shoulders Breakout Or Bearish Dip Below $200?

Why Ripple’s XRP could smash all-time high in 2024

Crypto’s New Safehouse: REV3AL Buys DRIVENecosystem

KyberSwap launches treasury grant program for exploit that affected users

Join our free newsletter for daily crypto updates!