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Home»EXCHANGE NEWS»Bitcoin price decline resumes? This may be a factor to note
EXCHANGE NEWS

Bitcoin price decline resumes? This may be a factor to note

By Crypto FlexsFebruary 1, 20243 Mins Read
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Bitcoin price decline resumes?  This may be a factor to note
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Bitcoin price struggled to clear resistance at $43,750. BTC is currently declining and a move below the $41,800 level could result in more losses.

  • Bitcoin price is slowly falling from the $43,750 resistance zone.
  • The price is trading below $42,800 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the connecting bullish trendline with support around $42,500.
  • A close below the $41,800 level could lead the pair to continue falling.

Bitcoin price begins another decline

Bitcoin price attempted to rise further above the $42,500 resistance zone. BTC passed the $43,500 resistance zone, but bears remained active near the $43,800 zone.

The bulls tried more than once to clear $43,800 but failed. A high was made near $43,742 and the price began a new decline. There was a move below the $43,000 level. Moreover, on the hourly chart of the BTC/USD pair, a break occurred below the connecting bullish trend line with support around $42,500.

Bitcoin is currently trading below $42,800 and the 100-hour simple moving average. A low was formed near $41,888 and the price is currently consolidating losses. Immediate resistance is near the $42,350 level. It is close to the 23.6% Fib retracement level of the downward move from the $43,742 swing high to the $41,888 low.

The next major resistance could be $42,800 or the 50% Fib retracement level of the downside move from the $43,742 swing high to the $41,888 low, above which the price could begin a significant rise. The next stop for the bulls could possibly be $43,200.

Source: TradingView.com BTCUSD

A clear break above the $43,200 resistance level could lead the price to move towards the $43,800 resistance level. The next resistance is now forming near the $44,200 level. Prices could go higher beyond the $45,000 level. The next major resistance level is $46,500.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $42,800 resistance zone, it may continue to fall. Immediate support for the downside is near the $41,800 level.

The first major support is at $41,200. Major support may be $40,950. The price could gain bearish momentum if it closes below $40,950. If stated, the price may plunge towards the $40,000 support.

Technical indicators:

Hourly MACD – MACD is now losing speed in bearish territory.

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

Key support levels – $41,800, then $41,200.

Key resistance levels – $42,350, $42,800 and $43,800.

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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