Bitcoin

Resistance

Bitcoin price is aiming for an upside break above the $40,500 resistance. BTC bulls could face heavy resistance near $40,850 and $41,350. 
<ul> 
 <li>Bitcoin price is attempting a recovery wave from the $38,500 support zone.</li> 
 <li>The price is trading just above $40,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a crucial bearish trend line forming with resistance near $40,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could struggle to settle above the $40,400 and $40,500 resistance levels.</li> 
</ul> 
<h2 id="bitcoin-price-eyes-upside-break">Bitcoin Price Eyes Upside Break</h2> 
Bitcoin price remained well-bid above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-at-make-or-break-moment-38500/" target="_blank" rel="noopener ">$38,500 support zone</a>. BTC formed a base and recently started a consolidation phase above the $39,000 level. 
The price was able to recover above the 23.6% Fib retracement level of the downward move from the $42,261 swing high to the $38,518 low. The bulls seem to be active above the $39,200 and $39,350 levels. Bitcoin is now trading just above $40,000 and the 100 hourly Simple moving average. 
However, there are many hurdles near $40,400. Immediate resistance is near the $40,250 level. There is also a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-crucial-test-38500/" target="_blank" rel="noopener ">crucial bearish trend line</a> forming with resistance near $40,250 on the hourly chart of the BTC/USD pair. 
The next key resistance could be $40,380 or the 50% Fib retracement level of the downward move from the $42,261 swing high to the $38,518 low, above which the price could rise and test $40,850. A clear move above the $40,850 resistance could send the price toward the $41,250 resistance. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_7f47cd.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-571727" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_7f47cd.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_7f47cd.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_7f47cd.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_7f47cd.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_7f47cd.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_7f47cd.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_7f47cd.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_7f47cd.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> 
The next resistance is now forming near the $42,000 level. A close above the $42,000 level could push the price further higher. The next major resistance sits at $42,500. 
<h2 id="another-failure-in-btc">Another Failure In BTC?</h2> 
If Bitcoin fails to rise above the $40,380 resistance zone, it could start another decline. Immediate support on the downside is near the $39,420 level. 
The next major support is $38,500. If there is a close below $38,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $37,000 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 above the 50 level. 
Major Support Levels – $39,420, followed by $38,500. 
Major Resistance Levels – $40,250, $40,400, and $40,850.

Bitcoin Price Eyes Recovery But Can BTC Bulls Regain Strength?

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