Bitcoin

Resistance

Bitcoin price extended its decline below the $40,000 support zone. BTC is consolidating losses and remains at risk of more downsides below $38,500. 
<ul> 
 <li>Bitcoin price is gaining bearish momentum below the $40,500 zone.</li> 
 <li>The price is trading below $40,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance near $40,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might correct above $40,000 but the bears could remain active near $40,500.</li> 
</ul> 
<h2 id="bitcoin-price-takes-hit">Bitcoin Price Takes Hit</h2> 
Bitcoin price remained in a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-turns-red-40k/" target="_blank" rel="noopener ">bearish zone</a> below the $42,000 support zone. BTC bears gained strength and were able to push the price below the $40,000 support zone. 
A new weekly low was formed near $39,451 and the price is now consolidating losses. It is slowly recovering above the $39,800 level. It is approaching the 23.6% Fib retracement level of the recent decline from the $42,260 swing high to the $39,451 low. 
Bitcoin is now trading below $40,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-takes-hit-40k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $40,150 level. The first major resistance is near the $40,850 level. There is also a connecting bearish trend line forming with resistance near $40,850 on the hourly chart of the BTC/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_b7fbb4.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-570871" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_b7fbb4.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_b7fbb4.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_b7fbb4.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_b7fbb4.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_b7fbb4.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_b7fbb4.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_b7fbb4.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_b7fbb4.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 trend line is close to the 50% Fib retracement level of the recent decline from the $42,260 swing high to the $39,451 low. A clear move above the $40,850 resistance could send the price toward the $41,250 resistance. 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 $43,000. 
<h2 id="more-downsides-in-btc">More Downsides In BTC?</h2> 
If Bitcoin fails to rise above the $40,850 resistance zone, it could continue to move down. Immediate support on the downside is near the $39,650 level. 
The next major support is $39,500. If there is a close below $39,500, 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 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 – $39,500, followed by $38,500. 
Major Resistance Levels – $40,500, $40,850, and $41,250.

Bitcoin Price Dives Below $40K, Can Bulls Save The Day?

Съдържание

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