Plunge

Bitcoin

Resistance

Bitcoin price is still struggling to clear the $44,500 and $44,700 resistance levels. BTC is showing a few bearish signs and might drop toward $42,150. 
<ul> 
 <li>Bitcoin is facing a major hurdle near the $44,500 resistance zone.</li> 
 <li>The price is trading below $44,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a key bullish trend line with support at $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could decline toward the $42,350 and $42,150 support levels.</li> 
</ul> 
<h2 id="bitcoin-price-faces-hurdles">Bitcoin Price Faces Hurdles</h2> 
Bitcoin price attempted a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-rejection-44500/" target="_blank" rel="noopener ">fresh increase</a> above the $43,500 resistance zone. BTC even broke the $43,800 resistance zone but the bears were active near the $44,500 resistance zone. 
There were a few attempts to gain strength above $44,500, but the bears remained active. A high was formed near $44,483 and the price is now showing a few bearish signs. There was a drop below the $44,000 support zone. The price traded below the 50% Fib retracement level of the upward move from the $42,480 swing low to the $44,483 high. 
Besides, there was a break below a key bullish trend line with support at $44,000 on the hourly chart of the BTC/USD pair. Bitcoin is now below $44,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-takes-major-hit-40k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-5.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-568463" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-5.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-5.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-5.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-5.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-5.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-5.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-5.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-5.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> 
On the upside, immediate resistance is near the $44,000 level. The first major resistance is $44,200. The main resistance is now forming near the $44,500 level. A close above the $44,500 level could send the price further higher. The next major resistance sits at $45,450. Any more gains above the $45,450 level could open the doors for a move toward the $46,200 level. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $44,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $43,200 level or the 61.8% Fib retracement level of the upward move from the $42,480 swing low to the $44,483 high. 
The next major support is near $42,800. If there is a move below $42,800, the price could gain bearish momentum. In the stated case, the price could drop toward the $42,150 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 – $42,800, followed by $42,150. 
Major Resistance Levels – $44,000, $44,200, and $44,500.

Bitcoin Price Plunge Imminent as Bears Protect Key Resistance

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