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Home»EXCHANGE NEWS»Bitcoin price has shown signs of recovery, but has not yet broken out of its downward trend.
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Bitcoin price has shown signs of recovery, but has not yet broken out of its downward trend.

By Crypto FlexsJanuary 17, 20243 Mins Read
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Bitcoin price has shown signs of recovery, but has not yet broken out of its downward trend.
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Bitcoin price is still struggling below the $43,500 resistance zone. A clear move above the $44,000 resistance area could allow BTC to begin a recovery.

  • Bitcoin price began a consolidation phase in the $41,500 area.
  • The price is trading above $42,500 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major rising channel forming with resistance near $44,000.
  • A rise above the $44,000 resistance zone could lead to a significant recovery for the currency pair.

Bitcoin Price Faces Hurdles

Bitcoin price found support near $41,500 and recently began a consolidation phase. BTC was able to recover a few points from the $42,000 and $42,200 levels.

Prices surged above the 23.6% Fib retracement level of the major decline from the $49,000 swing high to the $41,475 low. On the hourly chart of the BTC/USD pair, there is also a major upward channel forming with resistance near $44,000.

Bitcoin is currently trading above $42,500 and the 100-hour simple moving average. If the strength continues, the price may recover above the $43,250 resistance. The first major resistance is $44,000 or the channel trendline.

Source: TradingView.com BTCUSD

A clear break above the $44,000 resistance may lead the price to move towards the $44,450 resistance. The next resistance is now forming near the $45,250 level. This is close to the 50% Fib retracement level of the major decline from the $49,000 swing high to the $41,475 low. Prices could rise further above the $45,250 level. The next major resistance level is $47,000.

Another drop in BTC?

If Bitcoin fails to rise above the $44,000 resistance zone, it could begin a new downtrend. Immediate support for the downside lies near the $42,800 level or the 100-hour simple moving average.

The next major support is at $42,120. The price could gain bearish momentum if it closes below $42,120. If indicated, the price may fall towards the $41,500 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 above the 50 level.

Key support levels – $42,800, then $42,120.

Key resistance levels – $43,250, $44,000 and $44,450.

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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