Bitcoin

Resistance

Bitcoin price is still struggling below the $43,500 resistance zone. BTC could start a recovery wave if there is a clear move above the $44,000 resistance zone. 
<ul> 
 <li>Bitcoin price started a consolidation phase from the $41,500 zone.</li> 
 <li>The price is trading above $42,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key rising channel forming with resistance near $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start a decent recovery wave if there is a move above the $44,000 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-faces-hurdles">Bitcoin Price Faces Hurdles</h2> 
Bitcoin price found support near the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-43250/" target="_blank" rel="noopener ">$41,500 zone</a> and recently started a consolidation phase. BTC was able to recover a few points above the $42,000 and $42,200 levels. 
The price even spiked above the 23.6% Fib retracement level of the main decline from the $49,000 swing high to the $41,475 low. There is also a key rising channel forming with resistance near $44,000 on the hourly chart of the BTC/USD pair. 
Bitcoin is now trading above $42,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-turns-at-risk-40k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. If the bulls remain in action, the price might recover above the $43,250 resistance. The first major resistance is $44,000 or the channel trend line. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_97abb3.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-569888" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_97abb3.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_97abb3.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_97abb3.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_97abb3.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_97abb3.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_97abb3.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_97abb3.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_97abb3.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 $44,000 resistance could send the price toward the $44,450 resistance. The next resistance is now forming near the $45,250 level. It is near the 50% Fib retracement level of the main decline from the $49,000 swing high to the $41,475 low. A close above the $45,250 level could push the price further higher. The next major resistance sits at $47,000. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $44,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,800 level or the 100 hourly Simple moving average. 
The next major support is $42,120. If there is a close below $42,120, the price could gain bearish momentum. In the stated case, the price could drop toward the $41,500 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 above the 50 level. 
Major Support Levels – $42,800, followed by $42,120. 
Major Resistance Levels – $43,250, $44,000, and $44,450.

Bitcoin Price Signals Recovery But The Bears Are Not Out of Woods Yet

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