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Home»EXCHANGE NEWS»Bitcoin price falls again and signals a further decline to $38,000.
EXCHANGE NEWS

Bitcoin price falls again and signals a further decline to $38,000.

By Crypto FlexsDecember 13, 20233 Mins Read
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Bitcoin price falls again and signals a further decline to ,000.
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Bitcoin price struggled to initiate a new rally above the $42,300 resistance zone. BTC is declining and currently under $40,000 and in danger of further downside.

  • Bitcoin failed to start a new rally above the $42,000 resistance zone.
  • The price is trading below $42,500 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 $41,250.
  • If the price closes below the $40,000 support, the pair could extend its losses.

Bitcoin price turns red

Bitcoin price started a new rise above the $40,000 support zone. BTC broke above the $41,500 resistance zone but failed to continue its advance.

The price failed to show strength above the $42,250 and $42,300 resistance levels. A high was made near $42,300 and the price began a new decline. It fell below the $42,000 and $41,500 levels. A low was formed near $40,606 and the price is currently consolidating losses.

Bitcoin is also trading below $42,500 and the 100-hour simple moving average. On the other hand, immediate resistance is close to the $41,200 level. Moreover, on the hourly chart of the BTC/USD pair, there is a major bearish trend line forming with resistance near $41,250.

The first major resistance is forming near $41,450. This is close to the 50% Fib retracement level of the downward move from the $42,300 swing high to the $40,606 low.

Source: TradingView.com BTCUSD

The next major resistance could be the 76.4% Fib retracement level, moving down from the $42,300 swing high to the $40,606 swing low to $41,900. A break above the $41,900 resistance could begin a steady rise. The next major resistance could be near $42,300, above which BTC could rise towards the $43,000 level. A clear break above the $43,000 level could set the pace for the $44,000 test.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $41,250 resistance zone, another decline could begin. Immediate support for the downside is near the $40,600 level.

The next major support is near $40,000, below which the price could test the $39,500 area. A drop below $39,500 risks further losses. If indicated, the price may fall towards the $38,500 support 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 – $40,600, then $40,000.

Key resistance levels – $41,250, $41,900 and $42,300.

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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