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Home»EXCHANGE NEWS»Bitcoin price faces another rejection and why BTC is at risk before the New Year
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Bitcoin price faces another rejection and why BTC is at risk before the New Year

By Crypto FlexsDecember 29, 20233 Mins Read
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Bitcoin price faces another rejection and why BTC is at risk before the New Year
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Bitcoin price again failed to break the $44,000 resistance zone. BTC is declining and is at risk of falling below the $41,500 level.

  • Bitcoin is slowly falling from the $43,800 resistance zone.
  • The price is trading below $43,000 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 $42,550.
  • If it stays below the $43,000 level, the pair may continue to fall.

Bitcoin price has taken a hit.

Bitcoin price made a new attempt to break above the $43,200 level. BTC broke above the $43,500 level but had trouble reaching the $44,000 resistance zone.

A high was made near $43,792 and the price began a new decline. A clear inverted V pattern was formed and the price fell below the $43,200 level. The bears were able to push the price below the 50% Fib retracement level, rising from the $41,637 swing low to the $43,792 low.

Bitcoin is currently trading below $43,000 and the 100-hour simple moving average. It is also consolidating below the 61.8% Fib retracement level, rising from the $41,637 swing low to the $43,792 low.

On the other hand, immediate resistance is near the $42,500 level. The hourly chart of the BTC/USD pair also has a major bearish trendline forming with resistance near $42,550. The first major resistance is at $43,000. The price could go higher if it breaks above the $43,000 level.

Source: TradingView.com BTCUSD

The main hurdle is $43,250. A break above the $43,250 resistance could initiate a significant rally towards the $43,800 level. The next major resistance could be near $44,000, above which BTC could rise towards the $45,000 level.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $43,000 resistance zone, it may continue to fall. Immediate support for the downside is near the $42,150 level.

The next major support is near $41,650. A drop below $41,650 risks further losses. If indicated, the price may decline towards the $40,500 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 – $42,150, then $41,650.

Key resistance levels – $42,550, $43,000 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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