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Home»EXCHANGE NEWS»Bitcoin price faces an uphill climb and risks further losses below $42,000.
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Bitcoin price faces an uphill climb and risks further losses below $42,000.

By Crypto FlexsJanuary 18, 20243 Mins Read
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Bitcoin price faces an uphill climb and risks further losses below ,000.
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Bitcoin price is still struggling below the $43,250 resistance zone. If BTC stays below $43,500 for long, there is more downside risk.

  • Bitcoin price is still trading in the $41,500 range.
  • The price is trading below $43,250 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a break occurred below the main ascending channel with support around $42,880.
  • The pair now faces further downside risk below the $41,500 support.

Bitcoin price turns red

Bitcoin price began a consolidation phase in the $41,500 area. BTC recovered a few points, but bearers remained active near the $43,250 and $43,500 levels.

The last swing high before the price began a new downward trend was close to $43,568. There was a clear move below the $43,000 level. Moreover, a break occurred below the main ascending channel with support around $42,880 on the hourly chart of the BTC/USD pair.

Bitcoin is currently trading below $43,250 and the 100-hour simple moving average. It is attempting to recover above the $42,500 level again.

On the other hand, the price is finding resistance near $42,800. It is close to 50% of the Fib retracement level of the recent decline from the $43,568 swing high to the $42,190 low. The first major resistance is at $43,000. Currently, major resistance is forming near the $43,250 level.

Source: TradingView.com BTCUSD

The 76.4% Fib retracement level of the recent decline from the $43,568 swing high to the $42,190 low is also close to $43,250. A clear break above the $43,250 resistance may lead the price to move towards the $44,000 resistance. The next resistance is now forming near the $44,250 level. Prices could rise further above the $44,250 level. The next major resistance level is $45,000.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $43,250 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $42,120 level.

The next major support is at $41,450. The price could gain bearish momentum if it closes below $41,450. If indicated, the price may fall towards the $40,000 support level 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 – $42,120, then $41,450.

Key resistance levels – $43,000, $43,250 and $44,000.

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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