Skyrocketing

Bitcoin

Resistance

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Bitcoin price failed to extend gains above the $44,300 resistance on Christmas day. BTC is now moving lower and might find bids near the $42,400 support zone. 
Bitcoin started a downside correction from the $44,300 resistance zone and fell below $43k before rising slightly to its current <a href="https://coinstats.app/coins/bitcoin/">price</a>, $43,141. 
<figure id="attachment_58828" aria-describedby="caption-attachment-58828" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-58828" src="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-8-483x300.png" alt="" width="580" height="360" srcset="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-8-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-8.png 760w" sizes="(max-width: 580px) 100vw, 580px">
 <figcaption id="caption-attachment-58828" class="wp-caption-text">
 BTC Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
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). 
The pair could start a fresh increase from the $42,400 support zone. 
<h3 id="span-style-font-weight-400-bitcoin-price-tops-again-span">Bitcoin Price Tops Again</h3> 
Bitcoin price attempted a fresh increase above the $43,500 resistance zone. 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.&nbsp; 
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 100 hourly Simple moving average. There is also a key declining channel forming with support near $42,850 on the hourly chart of the BTC/USD pair. 
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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.&nbsp; 
A close above the $44,300 resistance could start a strong rally and the price could even clear the $45,000 resistance. 
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. 
<h3 id="span-style-font-weight-400-more-losses-in-btc-span">More Losses In BTC?</h3> 
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. 
<h3 id="span-style-font-weight-400-technical-indicators-span">Technical Indicators:</h3> 
<ul> 
 <li style="font-weight: 400">Hourly MACD – The MACD is now gaining pace in the bearish zone.</li> 
 <li style="font-weight: 400">Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.</li> 
 <li style="font-weight: 400">Major Support Levels – $42,400, followed by $41,200.</li> 
 <li style="font-weight: 400">Major Resistance Levels – $43,500, $44,300, and $45,000.</li> 
</ul> 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote> 
The post <a href="https://bitcoinworld.co.in/bitcoin-dips-on-christmas-day-but-this-is-not-the-christmas-gift-we-want/">Bitcoin Dips On Christmas Day But This Is Not The Christmas Gift We Want</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Bitcoin Dips On Christmas Day But This Is Not The Christmas Gift We Want

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