Bitcoin

Resistance

Bitcoin price recovered further above $43,500 but struggled near $44,500. BTC is correcting gains and might test the $42,150 support zone. 
<ul> 
 <li>Bitcoin recovered above the $43,500 resistance and remained in a positive zone.</li> 
 <li>The price is trading below $44,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance near $44,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could decline toward the $42,150 and $42,000 support levels.</li> 
</ul> 
<h2 id="bitcoin-price-holds-support">Bitcoin Price Holds Support</h2> 
Bitcoin price started a recovery wave above the $43,200 resistance zone. BTC even broke the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-takes-major-hit-40k/" target="_blank" rel="noopener ">$43,500 resistance zone</a> to move further into a positive zone. 
There was a decent upward move, but the bears were active near the $44,500 resistance zone. It faced rejection near the 76.4% Fib retracement level of the downward move from the $45,913 swing high to the $39,500 low. A high was formed near $44,784 and the price is now correcting gains. 
There was a move below the $44,000 level. The price traded below the 23.6% Fib retracement level of the upward move from the $39,501 swing low to the $44,784 high. Bitcoin is now trading below $44,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-seems-unstoppable-48k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
On the upside, immediate resistance is near the $44,000 level. The first major resistance is $44,400. There is also a key bearish trend line forming with resistance near $44,400 on the hourly chart of the BTC/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-4.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-568185" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-4.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-4.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-4.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-4.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-4.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-4.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-4.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-4.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 $44,400 level could send the price further higher. The next major resistance sits at $45,500. Any more gains above the $45,500 level could open the doors for a move toward the $46,000 level. 
<h2 id="fresh-decline-in-btc">Fresh Decline In BTC?</h2> 
If Bitcoin fails to rise above the $44,400 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,800 level. 
The next major support is near $42,150 or the 50% Fib retracement level of the upward move from the $39,501 swing low to the $44,784 high. If there is a move below $41,150, 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 – $42,800, followed by $42,150. 
Major Resistance Levels – $43,800, $44,000, and $44,400.

Bitcoin Price Faces Rejection, Here’s Why Dips Could Be Attractive

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