Bitcoin

Resistance

Bitcoin price started a fresh decline below the $41,250 support zone. BTC is showing bearish signs and might decline heavily below the $40,000 support zone. 
<ul> 
 <li>Bitcoin price is gaining bearish momentum below the $41,500 zone.</li> 
 <li>The price is trading below $41,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance near $41,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair is now at risk of more downsides if it breaks the $40,000 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-resumes-downtrend">Bitcoin Price Resumes Downtrend</h2> 
Bitcoin price struggled to stay above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-takes-hit-40k/" target="_blank" rel="noopener ">$42,200 support zone</a>. However, BTC failed to clear many hurdles and started a fresh decline below the $42,000 level. 
There was a move below the $41,500 and $41,250 support levels. The price even spiked below the $40,500 level. A low is formed near $40,369 and the price is now consolidating losses. It is now trading near the 23.6% Fib retracement level of the recent drop from the $42,260 swing high to the $40,369 low. 
Bitcoin is now trading below $41,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-uphill-task-43500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $41,000 level. The first major resistance is near the $41,250 level. There is also a key bearish trend line forming with resistance near $41,320 on the hourly chart of the BTC/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_47b1e9.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-570740" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_47b1e9.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_47b1e9.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_47b1e9.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_47b1e9.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_47b1e9.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_47b1e9.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_47b1e9.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_47b1e9.png?resize=1024%2C449?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> 
The trend line is close to the 50% Fib retracement level of the recent drop from the $42,260 swing high to the $40,369 low. A clear move above the $41,320 resistance could send the price toward the $42,000 resistance. The next resistance is now forming near the $42,200 level. A close above the $42,200 level could push the price further higher. The next major resistance sits at $43,250. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $42,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $40,500 level. 
The next major support is $40,000. If there is a close below $40,000, the price could gain bearish momentum. In the stated case, the price could drop toward the $38,500 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 – $40,500, followed by $40,000. 
Major Resistance Levels – $41,500, $42,000, and $42,200.

Bitcoin Price Turns Red, Why BTC Could Tumble Below $40K

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