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Home»EXCHANGE NEWS»Why the Bitcoin price may turn red and BTC fall below $40,000
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Why the Bitcoin price may turn red and BTC fall below $40,000

By Crypto FlexsJanuary 22, 20243 Mins Read
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Why the Bitcoin price may turn red and BTC fall below ,000
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Bitcoin price began a new decline below the $41,250 support area. BTC is showing signs of weakness and could fall significantly below the $40,000 support area.

  • Bitcoin price is gaining bearish momentum below the $41,500 area.
  • The price is trading below $41,500 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bearish trendline forming with resistance near $41,320.
  • The pair is currently at risk of further downside if it breaks the $40,000 support zone.

Bitcoin price resumes downward trend

Bitcoin price has struggled to stay above the $42,200 support area. However, BTC failed to clear many hurdles and started a new downtrend below the $42,000 level.

It has moved below the $41,500 and $41,250 support levels. The price even surged below the $40,500 level. A low was formed near $40,369 and the price is currently consolidating losses. It is currently trading near the 23.6% Fib retracement level, down from the $42,260 swing high to the $40,369 low.

Bitcoin is currently trading below $41,500 and the 100-hour simple moving average. Immediate resistance is near the $41,000 level. The first major resistance is near the $41,250 level. The hourly chart of the BTC/USD pair also has a major bearish trendline forming with resistance near $41,320.

Source: TradingView.com BTCUSD

The trend line is close to 50% of the Fib retracement level of the recent decline from the $42,260 swing high to the $40,369 low. A clear break above the $41,320 resistance may move the price towards the $42,000 resistance. The next resistance is now forming near the $42,200 level. The price could rise further above the $42,200 level. The next major resistance level is $43,250.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $42,200 resistance zone, it may continue to fall. Immediate support for the downside is near the $40,500 level.

The next major support is $40,000. The price could gain bearish momentum if it closes below $40,000. If indicated, the price may fall towards the $38,500 support in the near term.

Technical indicators:

Hourly MACD – MACD is now picking up speed in bearish territory.

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

Key support levels – $40,500, then $40,000.

Key resistance levels – $41,500, $42,000 and $42,200.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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