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Home»Analysis»Bitcoin price at the make-or-break moment, key levels to watch
Analysis

Bitcoin price at the make-or-break moment, key levels to watch

2024-01-27No Comments3 Mins Read
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Bitcoin price started an upward correction from the USD 38,500 support zone. BTC could gain bullish momentum if it breaks the USD 40,500 resistance zone.

  • Bitcoin price is trying to mount a recovery wave from the $38,500 support zone.
  • The price is trading below $40,000 and the 100 hourly Simple Moving Average.
  • A major bearish trendline is forming with resistance around $40,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could struggle to recover above the USD 40,400 and USD 40,500 resistance levels.

Bitcoin price attempts recovery

Bitcoin price extended its decline below the $40,000 support zone. BTC even spiked below the USD 49,200 level and tested the USD 38,500 support zone. A new weekly low was formed near $38,518 and the price started an upward correction.

There was a recovery wave above the USD 39,200 and USD 39,500 levels. However, Bitcoin is now trading below $40,000 and the 100 hourly Simple Moving Average.

The immediate resistance is near the $40,400 level. There is also a major bearish trendline forming with resistance around $40,400 on the hourly chart of the BTC/USD pair. The trendline is close to the 50% Fib retracement level of the downward wave from the $42,260 swing high to the $38,518 low.

The next major resistance could be at USD 40,500, above which the price could rise and test USD 40,850. It is close to the 61.8% Fib retracement level of the downward wave from the $42,260 swing high to the $38,518 low.

Bitcoin price

Source: BTCUSD on TradingView.com

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A clear move above the USD 40,850 resistance could send the price towards the USD 41,500 resistance. The next resistance is now forming around the $42,000 level. A close above the USD 42,000 level could push the price further higher. The next major resistance is at $42,500.

Another drop in BTC?

If Bitcoin fails to rise above the USD 40,400 resistance zone, it could trigger another decline. The immediate downside support is near the $39,400 level.

The next major support is $38,500. If there is a close below $38,500, the price may gain bearish momentum. In the mentioned case, the price could reach the support of $37,000 in the short 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 – USD 39,400, followed by USD 38,500.

Major resistance levels – $40,400, $40,500 and $40,850.

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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Bitcoin Key Levels makeorbreak moment Price Watch
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