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Home»EXCHANGE NEWS»Bitcoin price is at risk of more losses. Why BTC Could Revisit $40,000
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Bitcoin price is at risk of more losses. Why BTC Could Revisit $40,000

By Crypto FlexsJanuary 15, 20243 Mins Read
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Bitcoin price is at risk of more losses.  Why BTC Could Revisit ,000
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Bitcoin price hit a high near the $49,000 resistance zone. BTC started a big decline and broke a number of key supports at $45,000 to enter short-term bearish territory.

  • Bitcoin peaked near $49,000 and began a steady decline.
  • The price is trading below $43,500 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bearish trend line tying with resistance near $42,850.
  • A break below the $41,500 support could start a new downtrend for the currency pair.

Bitcoin price took a big hit

Bitcoin price failed to test the $50,000 resistance zone. BTC peaked near the $49,000 level and began a major decline. There was a significant decline below the $48,000 and $46,500 support levels.

The decline even pushed the price below the $45,000 support zone. It fell more than 12% and tested the $41,500 support area. A low was formed near $41,476 and the price began to recover. There was a slight increase above the $42,000 resistance zone.

However, Bitcoin is still trading below $43,500 and the 100-hour simple moving average. On the other hand, immediate resistance is close to the $42,800 level.

On the hourly chart of the BTC/USD pair, there is also a bearish trend line connecting with resistance near $42,850. The first major resistance is the 23.6% Fib retracement level at $43,250 or a downward move from the $49,000 swing high to the $41,476 low.

Source: TradingView.com BTCUSD

A clear break above the $43,250 resistance may lead the price to move towards the $44,000 resistance. The next resistance is now forming near the $45,200 level. This is close to the 50% Fib retracement level of the downward move from the $49,000 swing high to the $41,476 low. A move above the $45,300 level could initiate a strong rally and push the price higher. The next major resistance level is $47,000.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $43,250 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $42,120 level.

The next major support is $41,500. A break below $41,500 could see the price gain bearish momentum. 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 – $42,120, then $41,500.

Key resistance levels – $42,800, $43,250 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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