Bitcoin

Resistance

Bitcoin price started a major drop below $44,000 after rumors of spot ETF rejection. BTC dived over 10%, but the bulls are still protecting the $40,000 support. 
<ul> 
 <li>Bitcoin declined heavily and even spiked below the $40,000 level.</li> 
 <li>The price is trading below $43,500 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a key bullish trend line with support near $43,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start a fresh increase if there is a close above the $43,500 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-dives-over-10">Bitcoin Price Dives Over 10%</h2> 
Bitcoin price struggled to gain pace for a move above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-seems-unstoppable-48k/" target="_blank" rel="noopener ">$46,000 resistance level</a>. BTC found a strong selling interest and then rumors of spot ETF rejection hit market. 
It sparked bearish moves and the price tumbled below the $44,000 level. There was a break below a key bullish trend line with support near $43,200 on the hourly chart of the BTC/USD pair. The pair declined over 10% and even spiked below the $40,000 support. 
A low was formed near $39,500 and the price started a recovery wave. There was a move above the $41,500 and $42,000 levels. There was a wave above the 50% Fib retracement level of the downward move from the $45,913 swing high to the $39,501 low. 
Bitcoin is trading below $43,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-starts-2024-bang-45k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, immediate resistance is near the $43,200 level. The first major resistance is $43,500 or the 61.8% Fib retracement level of the downward move from the $45,913 swing high to the $39,501 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-3.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-567958" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-3.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-3.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-3.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-3.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-3.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-3.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-3.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-3.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> 
A close above the $43,500 level could send the price further higher. The next major resistance sits at $44,400. Any more gains above the $44,400 level could open the doors for a move toward the $45,000 level. 
<h2 id="fresh-decline-in-btc">Fresh Decline 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 $42,000 level. 
The next major support is near $41,300. If there is a move below $41,300, the price could gain bearish momentum. 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 losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $42,000, followed by $41,300. 
Major Resistance Levels – $43,200, $43,500, and $44,000.

Bitcoin Price Takes Major Hit But Uptrend Far From Over – Here’s Why

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