Bitcoin

Resistance

Bitcoin price struggled to continue higher above the $43,800 resistance. BTC is moving lower and might decline heavily if it breaks the $41,800 support. 
<ul> 
 <li>Bitcoin price is declining from the $43,800 resistance zone.</li> 
 <li>The price is trading below $42,800 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance near $42,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to decline if there is a clear move below the $41,800 support.</li> 
</ul> 
<h2 id="bitcoin-price-takes-hit">Bitcoin Price Takes Hit</h2> 
Bitcoin price made another attempt to gain pace above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-see-liftoff-43800/" target="_blank" rel="noopener ">$43,000 and $43,200 resistance levels</a>. However, BTC struggled to extend its gains and recently started another decline below $42,800. 
There was a move below the $42,500 support. A low is formed near $42,232 and the price is now consolidating losses. There is also a key bearish trend line forming with resistance near $42,850 on the hourly chart of the BTC/USD pair. 
Bitcoin is now trading below $42,800 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-decline-41800/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $42,750 level. It is near the 50% Fib retracement level of the downward wave from the $43,250 swing high to the $42,232 low. 
The next key resistance could be $42,850 and the trend line. The trend line is close to the 61.8% Fib retracement level of the downward wave from the $43,250 swing high to the $42,232 low, above which the price could start a decent increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_f700d8.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-573304" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_f700d8.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_f700d8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_f700d8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_f700d8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_f700d8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_f700d8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_f700d8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_f700d8.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 stop for the bulls may perhaps be $43,250. A clear move above the $43,250 resistance could send the price toward the $43,800 resistance. The next resistance is now forming near the $44,200 level. A close above the $44,200 level could push the price further higher. The next major resistance sits at $45,000. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $42,850 resistance zone, it could start another decline. Immediate support on the downside is near the $42,250 level. 
The first major support is $41,800. If there is a close below $41,800, the price could gain bearish momentum. In the stated case, the price could dive toward the $40,500 support. 
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 – $42,250, followed by $41,800. 
Major Resistance Levels – $42,750, $42,850, and $43,250.

Bitcoin Price Stuck In Range, Can BTC Bulls Save The Day?

목차

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