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Home»EXCHANGE NEWS»Bitcoin price faces rejection. Here’s why dips are attractive:
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Bitcoin price faces rejection. Here’s why dips are attractive:

By Crypto FlexsJanuary 5, 20243 Mins Read
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Bitcoin price faces rejection.  Here’s why dips are attractive:
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Bitcoin price recovered above $43,500 but struggled near $44,500. BTC is consolidating gains and could test the $42,150 support area.

  • Bitcoin recovered above the $43,500 resistance and remained in positive territory.
  • The price is trading below $44,000 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 $44,400.
  • The pair may decline towards the $42,150 and $42,000 support levels.

Bitcoin price maintains support

Bitcoin price began a recovery above the $43,200 resistance zone. BTC broke the $43,500 resistance zone and moved further into the positive zone.

There was significant upside movement, but bears remained active near the $44,500 resistance zone. The downward move from the $45,913 swing high to the $39,500 low faced rejection near the 76.4% Fib retracement level. A high was made near $44,784 and the price is currently correcting an upward trend.

There was a move below the $44,000 level. The price traded below the 23.6% Fib retracement level, rising from the $39,501 swing low to the $44,784 high. Bitcoin is currently trading below $44,000 and the 100-hour simple moving average.

Meanwhile, immediate resistance is close to the $44,000 level. The first major resistance is at $44,400. The hourly chart of the BTC/USD pair also has a major bearish trendline forming with resistance near $44,400.

Source: TradingView.com BTCUSD

The price could go higher if it breaks above the $44,400 level. The next major resistance level is $45,500. Any further gains above the $45,500 level could open the door for a move towards the $46,000 level.

A new decline in BTC?

If Bitcoin fails to rise above the $44,400 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $42,800 level.

The next major support is near $42,150 or the 50% Fib retracement level rising from the $39,501 swing low to the $44,784 high. A break below $41,150 could see the price gain bearish momentum. If indicated, the price may decline towards the $40,500 support level in the near term.

Technical indicators:

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

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

Key support levels – $42,800, then $42,150.

Key resistance levels – $43,800, $44,000 and $44,400.

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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