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Home»Analysis»Bitcoin Price Takes a Hit, Can Bulls Protect Key Support at $40,000?
Analysis

Bitcoin Price Takes a Hit, Can Bulls Protect Key Support at $40,000?

2024-01-19No Comments3 Mins Read
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Bitcoin price extended its decline below the USD 41,450 support zone. BTC is showing bearish signs and could struggle to stay above the $40,000 support zone.

  • Bitcoin price is gaining bearish momentum below the $42,500 zone.
  • The price is trading below $42,000 and the 100 hourly Simple Moving Average.
  • A major bearish trendline is forming with resistance near $42,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now at risk of more downside towards the $40,000 support zone.

Bitcoin price gains bearish momentum

Bitcoin price failed to initiate a recovery wave above the USD 43,250 resistance zone. BTC formed a short-term top and started to decline again below the $42,120 support zone.

The bears managed to push the price below the USD 41,450 level. A new weekly low was formed near $40,625 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $43,569 swing high to the $40,625 low.

Bitcoin is now trading below $42,000 and the 100 hourly Simple Moving Average. There is also a major bearish trendline forming with resistance around $42,100 on the hourly chart of the BTC/USD pair.

On the upside, the price is facing resistance around the $41,675 level. The next major resistance is near the $42,100 zone and the trendline. It is also close to the 50% Fib retracement level of the recent decline from the $43,569 swing high to the $40,625 low.

Bitcoin price

Source: BTCUSD on TradingView.com

A clear move above the USD 42,100 resistance could send the price towards the USD 43,250 resistance. The next resistance is now forming around the $43,500 level. A close above the USD 43,500 level could push the price further higher. The next major resistance is at $44,450.

See also  Trader Who Called Bitcoin Bottom for 2022 Warns of 'Big Pain' Ahead for Ethereum – Here's a Downside Target

Lose more in BTC?

If Bitcoin fails to rise above the $42,100 resistance zone, it could continue to decline. The immediate downside support is near the USD 40,750 level.

The next major support is $40,500. If there is a close below $40,500, the price could gain bearish momentum. In the mentioned case, the price could fall towards the $40,000 support in the short term.

Technical indicators:

Hourly MACD – The MACD is now gaining speed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major support levels – USD 40,750, followed by USD 40,000.

Major resistance levels – $41,675, $42,100 and $43,250.

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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