Bitcoin

<ul>
 <li><strong>Bitcoin (BTC) trading below $41,200 poses a challenge for bulls, hinting at a struggle to sustain upward momentum.</strong></li>
 <li><strong>If Bitcoin fails to rise above $41,700, there is a risk of continued downward movement.</strong></li>
</ul>
<p>Bitcoin (BTC) is experiencing a potential downturn following its significant eight-week surge, propelling from $26,866 to an impressive $44,543. As of now, the largest cryptocurrency has displayed a 2% dip in the last 24 hours, with its current value <a href="https://thenewscrypto.com/crypto-breaking-news-bitcoin-dumps-below-42k-what-next-for-btc-experts-advise-to-buy-this-defi-token-instead/" target="_blank" rel="noopener noreferrer nofollow">resting below</a> $41,200, according to CoinMarketCap.</p>
<p>Despite multiple attempts to breach the $45,000 resistance barrier, Bitcoin has struggled to sustain upward momentum. The latest setback saw BTC unable to surpass the $44,600 resistance, forming a rejection pattern after reaching a peak of $44,543 on December 9. This initiated a renewed decline, slipping below the $40,800 level and currently <a href="https://thenewscrypto.com/bitcoin-average-transaction-fees-nears-40-highest-since-april-2021/" target="_blank" rel="noopener noreferrer nofollow">trading under</a> $41,200, accompanied by a noticeable breach of the 100-hourly simple moving average.</p>
<h3 class="wp-block-heading" id="h-bitcoin-btc-will-hit-43-000">Bitcoin (BTC) Will Hit $43,000?</h3>
<p>According to the daily price chart, the formation of a crucial bearish trend line indicates a potential challenge with resistance around $41,300 on the BTC/USD hourly chart. Immediate obstacles for Bitcoin lie around the $41,650 level, with a more significant hurdle at $41,900.&nbsp;</p>
<p>A breakthrough above $41,300 could signal a <a href="https://thenewscrypto.com/vaneck-ceo-bullish-on-bitcoin-predicts-record-highs-in-2024/" target="_blank" rel="noopener noreferrer nofollow">positive turn</a>, setting the stage for a gradual climb. The subsequent key resistances stand at $41,700 and $42,550, with a decisive move above the latter potentially paving the way for a test at $43,000.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="515" src="https://thenewscrypto.com/wp-content/uploads/2023/12/image-23-1024x515.png" alt="" class="wp-image-87643" srcset="https://thenewscrypto.com/wp-content/uploads/2023/12/image-23-1024x515.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/12/image-23-300x151.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/12/image-23-768x386.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/12/image-23.png 1299w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin (BTC) Price Chart (Source: TradingView)</em>
  </figcaption>
 </figure>
</div>
<p>However, if Bitcoin fails to breach the $41,700 resistance, a continuation of the downtrend is possible. Initial support is anticipated at $40,750, aligning with the recent swing low. Further downside risks loom as the cryptocurrency approaches the $40,200 mark, with the potential for additional losses. In a more bearish scenario, a drop toward the $39,500 support is possible in the short term.</p>
<p>Despite the current market challenges, investors are optimistic about the upcoming Bitcoin halving event, which will inject a positive catalyst into the largest cryptocurrency.</p>

BTC Struggles to Break $43,000. What Lies Ahead?

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