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Home»BITCOIN NEWS»Bitcoin price falls again. What could spark a new uptick?
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Bitcoin price falls again. What could spark a new uptick?

By Crypto FlexsDecember 18, 20233 Mins Read
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Bitcoin price falls again.  What could spark a new uptick?
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Bitcoin price again failed to break above the $43,500 resistance level. BTC has started a new decline and may soon revisit the $40,000 support.

  • Bitcoin is falling below the $42,000 support zone.
  • The price is trading below $42,000 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 $41,800.
  • The pair may see strong buying interest near the $40,600 and $40,000 levels.

Bitcoin price falls below $42,000

Bitcoin price attempted to rise further above the $43,000 level. However, BTC failed to clear the $43,500 resistance and formed another rejection pattern.

A high was made near $43,421 and the price began a new decline. It moved below the $42,200 and $42,000 levels. The price fell below the 50% Fib retracement level, rising from the $40,605 swing low to the $43,421 high.

Bitcoin is currently trading below $42,000 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 $41,800.

Source: TradingView.com BTCUSD

On the other hand, immediate resistance is near the $41,250 level. The first major resistance is forming near $41,800 and the trend line. A break above the $41,800 resistance could begin a steady rise. The next major resistance could be near $42,250, above which BTC could rise towards the $42,800 level. A clear break above the $42,800 level could set the pace for the $43,500 test.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $41,800 resistance zone, it may continue to fall. Immediate support for the downside lies near the $40,600 level or the last swing low.

The next major support is near $40,000. It is close to the 1.236 Fib extension level, rising from the $40,605 swing low to the $43,421 high. Below that, the price could test the $39,500 area. A drop below $39,500 risks further losses. If stated, the price may fall towards the $38,400 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 20 level.

Key support levels – $40,600, then $40,000.

Key resistance levels – $41,250, $41,800 and $42,250.

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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