Bitcoin

Resistance

Bitcoin price topped near the $49,000 resistance zone. BTC started a major decline and broke many key supports at $45,000 to enter a short-term bearish zone. 
<ul> 
 <li>Bitcoin peaked near the $49,000 level and started a steady decline.</li> 
 <li>The price is trading below $43,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance near $42,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start a fresh decline if there is a move below the $41,500 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-takes-major-hit">Bitcoin Price Takes Major Hit</h2> 
Bitcoin price failed to test the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-struggles-below-48k/" target="_blank" rel="noopener ">$50,000 resistance zone</a>. BTC peaked near the $49,000 level and started a major decline. There was a strong decline below the $48,000 and $46,500 support levels. 
The bears even pushed the price below the $45,000 support zone. It declined over 12% and tested the $41,500 support zone. A low was formed near $41,476 and the price started a recovery wave. There was a minor increase above the $42,000 resistance zone. 
However, Bitcoin is still trading below $43,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stuck-below-48k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, immediate resistance is near the $42,800 level. 
There is also a connecting bearish trend line forming with resistance near $42,850 on the hourly chart of the BTC/USD pair. The first major resistance is $43,250 or the 23.6% Fib retracement level of the downward move from the $49,000 swing high to the $41,476 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-11.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-569529" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-11.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-11.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-11.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-11.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-11.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-11.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-11.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin-11.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 clear move above the $43,250 resistance could send the price toward the $44,000 resistance. The next resistance is now forming near the $45,200 level. It is near the 50% Fib retracement level of the downward move from the $49,000 swing high to the $41,476 low. A close above the $45,300 level could start a strong increase and send the price higher. The next major resistance sits at $47,000. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $43,250 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,120 level. 
The next major support is $41,500. If there is a move below $41,500, the price could gain bearish momentum. 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 – $42,120, followed by $41,500. 
Major Resistance Levels – $42,800, $43,250, and $44,000.

Bitcoin Price At Risk Of More Losses – Why BTC Could Revisit $40K

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