Bitcoin

Resistance

Bitcoin price failed to extend gains above the $44,300 resistance. BTC is now moving lower and might find bids near the $42,400 support zone. 
<ul> 
 <li>Bitcoin started a downside correction from the $44,300 resistance zone.</li> 
 <li>The price is trading below $43,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key declining channel forming with support near $42,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start a fresh increase from the $42,400 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-tops-again">Bitcoin Price Tops Again</h2> 
Bitcoin price attempted a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-approaches-breakout-44300/" target="_blank" rel="noopener ">fresh increase above the $43,500 resistance zone</a>. BTC climbed above the $44,000 level, but the bears were active near the $44,300 zone. 
A high was formed near $44,300 and the price started a fresh decline. The price declined below the $44,000 and $43,500 levels. There was a move below the 23.6% Fib retracement level of the upward move from the $40,515 swing low to the $44,300 high. 
Bitcoin is now trading below $43,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-outperforms-43-5k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key declining channel forming with support near $42,850 on the hourly chart of the BTC/USD pair. 
The pair is now testing the channel support, below which it might accelerate lower toward $42,400 or the 50% Fib retracement level of the upward move from the $40,515 swing low to the $44,300 high. If the bulls protect the channel support, there might be a fresh increase. 
On the upside, immediate resistance is near the $43,500 level. The first major resistance is forming near $44,000 and $44,300. A close above the $44,300 resistance could start a strong rally and the price could even clear the $45,000 resistance. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-19.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-566822" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-19.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-19.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-19.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-19.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-19.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-19.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-19.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-19.png?resize=1024%2C449?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 $46,500, above which BTC could rise toward the $47,200 level. Any more gains might send the price toward $48,000. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $43,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $42,800 level. 
The next major support is near $42,400. If there is a move below $42,400, there is a risk of more losses. In the stated case, the price could drop toward the $41,200 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 – $42,400, followed by $41,200. 
Major Resistance Levels – $43,500, $44,300, and $45,000.

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