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Home»EXCHANGE NEWS»Bitcoin price has taken a huge hit, but the upward trend is not over yet. Here’s why:
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Bitcoin price has taken a huge hit, but the upward trend is not over yet. Here’s why:

By Crypto FlexsJanuary 4, 20243 Mins Read
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Bitcoin price has taken a huge hit, but the upward trend is not over yet.  Here’s why:
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Bitcoin price began to decline significantly below $44,000 following rumors of a spot ETF rejection. BTC is down more than 10%, but bulls are still protecting support at $40,000.

  • Bitcoin fell significantly and even surged below the $40,000 level.
  • The price is trading below $43,500 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a break occurred below a key bullish trendline with support around $43,200.
  • If the price closes above the $43,500 resistance zone, the pair could start a new rally.

Bitcoin price plunges more than 10%

Bitcoin price struggled to gain pace above the $46,000 resistance level. BTC saw strong selling interest and rumors of a spot ETF rejection spread through the market.

This triggered a bearish move and the price fell below the $44,000 level. On the hourly chart of the BTC/USD pair, a break occurred below the main bullish trendline with support around $43,200. The pair fell more than 10% and even surged below the $40,000 support.

A low was formed around $39,500 and the price began to recover. There was a move above the $41,500 and $42,000 levels. There was a wave above the 50% Fib retracement level moving downward from the $45,913 swing high to the $39,501 low.

Bitcoin is trading below $43,500 and the 100-hour simple moving average. On the other hand, immediate resistance is close to the $43,200 level. The first major resistance is the 61.8% Fib retracement level at $43,500 or a downward move from the $45,913 swing high to the $39,501 low.

Source: TradingView.com BTCUSD

The price could go higher once it breaks above the $43,500 level. The next major resistance level is $44,400. Additional gains above the $44,400 level could open the door for a move to the $45,000 level.

A new decline in BTC?

If Bitcoin fails to rise above the $43,500 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 $41,300. A break below $41,300 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 – $42,000, $41,300.

Key resistance levels – $43,200, $43,500 and $44,000.

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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