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Home»EXCHANGE NEWS»Bitcoin Price Faces Rejection – Why BTC Could Revisit $40K Before a New Increase
EXCHANGE NEWS

Bitcoin Price Faces Rejection – Why BTC Could Revisit $40K Before a New Increase

By Crypto FlexsDecember 27, 20233 Mins Read
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Bitcoin Price Faces Rejection – Why BTC Could Revisit K Before a New Increase
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Bitcoin price extended its decline below the $42,650 range. BTC is showing some signs of weakness and may extend its downtrend towards $40,000 support.

  • Bitcoin appears to be declining below the $43,500 level.
  • 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 $43,200.
  • The pair may continue to decline towards the $40,500 and $40,000 support levels.

Bitcoin price falls further

Bitcoin price struggled to initiate a new rally above the $43,500 and $43,650 resistance levels. BTC formed a short-term high and began a new decline below the $43,000 level.

There was a clear movement below the $42,500 and $42,300 levels. The price also surged below the $42,000 level. A low was made near $41,637 and the price is currently attempting a new rise. There was a move above the $42,000 level.

Bitcoin price broke above the 23.6% Fib retracement level moving down from the $44,430 swing high to the $41,637 low. It is currently trading below $43,000 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a major bearish trendline forming with resistance near $43,200.

On the other hand, immediate resistance is close to the $43,000 level. This is close to the 50% Fib retracement level of the downward move from the $44,430 swing high to the $41,637 low. The first major resistance is forming near the trendline at $43,200.

Source: TradingView.com BTCUSD

A break above the $43,200 resistance could initiate a significant rally towards the $44,000 level. The next major resistance could be near $44,300, above which BTC could rise towards the $45,000 level. If more profits are made, the price could rise to $46,500.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $43,000 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $42,000 level.

The next major support is near $41,620. A drop below $41,620 risks further losses. If indicated, the price may fall towards the $40,000 support level in the near term.

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 – $42,000, then $41,620.

Key resistance levels – $43,000, $43,200 and $44,300.

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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