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Home»Analysis»Bitcoin Price Faces a Crucial Test, Indicators Point to Many Roadblocks to Recovery
Analysis

Bitcoin Price Faces a Crucial Test, Indicators Point to Many Roadblocks to Recovery

2024-01-24No Comments3 Mins Read
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Bitcoin price fell towards the $38,500 support zone. BTC is trying to stage a recovery wave and could struggle to climb above the USD 40,500 resistance.

  • Bitcoin price extended its decline and tested the USD 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 near $40,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could struggle to recover above the USD 40,000 and USD 40,500 resistance levels.

Bitcoin price turns red

Bitcoin price remained in a bearish zone below the $40,000 support zone. BTC extended its decline and traded below the USD 49,200 level. Finally, it tested the USD 38,500 support zone as discussed in yesterday’s post.

A new weekly low was formed near $38,518 and the price is now correcting losses. It is slowly recovering above the USD 39,000 level. It cleared the 23.6% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low.

Bitcoin is now trading below $40,000 and the 100 hourly Simple Moving Average. The immediate resistance is near the $40,000 level. The first major resistance is near the $40,350 level or the 50% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low.

Bitcoin price

Source: BTCUSD on TradingView.com

There is also a major bearish trendline forming with resistance around $40,450 on the hourly chart of the BTC/USD pair. A clear move above the USD 40,450 resistance could send the price towards the USD 40,850 resistance. The next resistance is now forming near the $41,250 level. A close above the USD 41,250 level could push the price further higher. The next major resistance is at $42,000.

See also  Will Bulls step in to protect the trend?

Another drop in BTC?

If Bitcoin fails to rise above the USD 40,450 resistance zone, it could trigger another decline. The immediate downside support is near the $39,400 level.

The next major support is $39,000. If there is a close below $39,000, the price may gain bearish momentum. In the said case, the price could reach the $38,500 support again 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 – $40,350, $40,450 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 crucial Faces Indicators point Price Recovery Roadblocks Test
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