Bitcoin

Resistance

Bitcoin price extended its decline below the $42,650 zone. BTC is showing a few bearish signs and might extend its decline toward the $40,000 support. 
<ul> 
 <li>Bitcoin seems to be following a bearish path below the $43,500 level.</li> 
 <li>The price is trading below $43,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move down toward the $40,500 and $40,000 support levels.</li> 
</ul> 
<h2 id="bitcoin-price-dips-further">Bitcoin Price Dips Further</h2> 
Bitcoin price struggled to start a fresh increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-eyes-45k/" target="_blank" rel="noopener ">$43,500 and $43,650 resistance levels</a>. BTC formed a short-term top and started a fresh decline below the $43,000 level. 
There was a clear move below the $42,500 and $42,300 levels. The price even spiked below the $42,000 level. A low was formed near $41,637 and the price is now attempting a fresh increase. There was a move above the $42,000 level. 
Bitcoin price climbed above the 23.6% Fib retracement level of the downward move from the $44,430 swing high to the $41,637 low. It is now trading below $43,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-43500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC/USD pair. 
On the upside, immediate resistance is near the $43,000 level. It is close to the 50% Fib retracement level of the downward move from the $44,430 swing high to the $41,637 low. The first major resistance is forming near the trend line and $43,200. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-21.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-567049" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-21.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-21.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-21.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-21.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-21.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-21.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-21.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-21.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> 
A close above the $43,200 resistance could start a decent move toward the $44,000 level. The next key resistance could be near $44,300, above which BTC could rise toward the $45,000 level. Any more gains might send the price toward $46,500. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $43,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,000 level. 
The next major support is near $41,620. If there is a move below $41,620, there is a risk of more losses. In the stated case, the price could drop toward the $40,000 support in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $42,000, followed by $41,620. 
Major Resistance Levels – $43,000, $43,200, and $44,300.

Bitcoin Price Faces Rejection – Why BTC Could Revisit $40K Before Fresh Increase

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