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Home»EXCHANGE NEWS»Bitcoin price is facing a significant test and indicators suggest many obstacles to recovery.
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Bitcoin price is facing a significant test and indicators suggest many obstacles to recovery.

By Crypto FlexsJanuary 24, 20243 Mins Read
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Bitcoin price is facing a significant test and indicators suggest many obstacles to recovery.
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Bitcoin price plunged towards the $38,500 support zone. BTC is attempting a recovery and may have trouble breaking above the $40,500 resistance.

  • Bitcoin price extended its decline and tested the $38,500 support zone.
  • The price is trading below $40,000 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 $40,450.
  • The pair may struggle to recover above the $40,000 and $40,500 resistance levels.

Bitcoin price turns red

Bitcoin price remained bearish below the $40,000 support zone. BTC continued its downward trend, trading below the $49,200 level. Finally, we tested the $38,500 support area as discussed in yesterday’s post.

A new weekly low was formed near $38,518 and the price is now correcting losses. It is slowly recovering beyond the $39,000 level. It cleared the 23.6% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low.

Bitcoin is currently trading below $40,000 and the 100-hour simple moving average. Immediate resistance is near the $40,000 level. The first major resistance is near the $40,350 level or the 50% Fib retracement level of the downside move from the $42,260 swing high to the $38,518 low.

Source: TradingView.com BTCUSD

The hourly chart of the BTC/USD pair also has a major bearish trendline forming with resistance near $40,450. A clear break above the $40,450 resistance level could lead the price to move towards the $40,850 resistance level. The next resistance is now forming near the $41,250 level. Prices could rise further above the $41,250 level. The next major resistance level is $42,000.

Another drop in BTC?

If Bitcoin fails to rise above the $40,450 resistance zone, another decline could begin. Immediate support for the downside is near the $39,400 level.

The next major support is $39,000. The price could gain bearish momentum if it closes below $39,000. If indicated, the price may find the support level of $38,500 again in the near future.

Technical indicators:

Hourly MACD – MACD is currently losing pace in bearish territory.

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.

Key support levels – $39,400, then $38,500.

Key resistance levels – $40,350, $40,450 and $40,850.

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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