Bitcoin

Key Points:<ul><li>Bitcoin battles resistance near $41,800, posing a crucial hurdle.</li><li>Immediate support lies at $40,600, with $40,000 as a major level to watch.</li><li>Technical indicators signal bearish momentum; traders urged to exercise caution.</li></ul>The latest market analysis reveals a challenging scenario for Bitcoin as it struggles to break through the $43,500 resistance level. Despite attempting to surge past $43,000, the leading cryptocurrency faced rejection and initiated a downward trajectory, casting doubt on the sustainability of recent gains.At the time of reporting, Bitcoin is <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">trading</a> below the critical $42,000 support zone, further exacerbated by its position below the 100 hourly Simple Moving Average (SMA). The hourly chart of the BTC/USD pair, sourced from Kraken, indicates the formation of a noteworthy bearish trend line with resistance around $41,800.Analysts suggest that the immediate obstacle for Bitcoin lies at the $41,250 level, with a more substantial hurdle at $41,800, coinciding with the aforementioned trend line. A decisive breakthrough above $41,800 could potentially trigger a bullish trend, opening the door for a steady ascent towards $42,250 and, subsequently, $42,800. Notably, breaching the $42,800 mark might set the stage for a retest of the elusive $43,500 resistance._______________________________________________________________________________________Stay connected with us on <a href="https://news.google.com/publications/CAAqBwgKMLrrowwwzOOyBA" rel="noopener noreferrer nofollow">Google News</a>, <a href="https://t.me/cryptosnewsss" rel="noopener noreferrer nofollow">Telegram</a>, <a href="https://twitter.com/NewssCryptos" rel="noopener noreferrer nofollow">Twitter</a>, and <a href="https://www.facebook.com/profile.php?id&#61;100089949049302" rel="noopener noreferrer nofollow">Facebook</a> to stay updated on the latest developments and engaging discussions in the realm of CryptosNewss.Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.Originally published at <a href="https://cryptosnewss.com/bitcoin-faces-resistance-as-price-drops-below-42000-will-bulls-prevail/" rel="noopener noreferrer nofollow">https://cryptosnewss.com</a><a href="https://cryptosnewss.com/shiba-inu-sets-crypto-ablaze-shibarium-burn-consumes-8-24-billion-shib-tokens/" rel="noopener noreferrer nofollow"> </a>on December 18, 2023.

Bitcoin Faces Resistance as Price Drops Below $42,000 – Will Bulls Prevail?

Cryptos Newss

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