Bitcoin

Momentum

Resistance

Gains

Bitcoin price extended its decline below the $41,450 support zone. BTC is showing bearish signs and might struggle to stay above the $40,000 support zone. 
<ul> 
 <li>Bitcoin price is gaining bearish momentum below the $42,500 zone.</li> 
 <li>The price is trading below $42,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance near $42,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair is now at risk of more downsides toward the $40,000 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-gains-bearish-momentum">Bitcoin Price Gains Bearish Momentum</h2> 
Bitcoin price failed to start a recovery wave above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-uphill-task-43500/" target="_blank" rel="noopener ">$43,250 resistance zone</a>. BTC formed a short-term top and started another decline below the $42,120 support zone. 
The bears were able to push the price below the $41,450 level. A new weekly low was formed near $40,625 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $43,569 swing high to the $40,625 low. 
Bitcoin is now trading below $42,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-signals-recovery-44000/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bearish trend line forming with resistance near $42,100 on the hourly chart of the BTC/USD pair. 
On the upside, the price is facing resistance near the $41,675 level. The next key resistance is near the $42,100 zone and the trend line. It is also close to the 50% Fib retracement level of the recent decline from the $43,569 swing high to the $40,625 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_6d37b4.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-570264" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_6d37b4.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_6d37b4.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_6d37b4.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_6d37b4.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_6d37b4.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_6d37b4.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_6d37b4.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_6d37b4.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 $42,100 resistance could send the price toward the $43,250 resistance. The next resistance is now forming near the $43,500 level. A close above the $43,500 level could push the price further higher. The next major resistance sits at $44,450. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $42,100 resistance zone, it could continue to move down. Immediate support on the downside is near the $40,750 level. 
The next major support is $40,500. If there is a close below $40,500, 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 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 – $40,750, followed by $40,000. 
Major Resistance Levels – $41,675, $42,100, and $43,250.

Bitcoin Price Takes Hit, Can Bulls Protect The Main Support at $40K?

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