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Home»EXCHANGE NEWS»Bitcoin price is showing signs of recovery, but can BTC bulls gain strength again?
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Bitcoin price is showing signs of recovery, but can BTC bulls gain strength again?

By Crypto FlexsJanuary 26, 20243 Mins Read
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Bitcoin price is showing signs of recovery, but can BTC bulls gain strength again?
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Bitcoin price is targeting an upward breakout above the $40,500 resistance level. BTC bulls may face strong resistance near $40,850 and $41,350.

  • Bitcoin price is attempting to recover from the $38,500 support zone.
  • The price is trading just above $40,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a significant bearish trendline forming with resistance near $40,250.
  • The pair may struggle to break above the $40,400 and $40,500 resistance levels.

Bitcoin price rise reverses

Bitcoin price remained above the $38,500 support zone. BTC has formed a base and recently began a consolidation phase above the $39,000 level.

The price was able to recover above the 23.6% Fib retracement level of the downward move from the $42,261 swing high to the $38,518 low. The bulls appear to be active above the $39,200 and $39,350 levels. Bitcoin is currently trading just above $40,000 and the 100-hour simple moving average.

However, there are many hurdles near $40,400. Immediate resistance is near the $40,250 level. On the hourly chart of the BTC/USD pair, there is also a significant bearish trend line forming with resistance near $40,250.

The next major resistance could be the 50% Fib retracement level at $40,380 or a downward move from the $42,261 swing high to the $38,518 low, above which the price could rise to test $40,850. A clear break above the $40,850 resistance may lead the price towards the $41,250 resistance.

Source: TradingView.com BTCUSD

The next resistance is currently forming near $42,000. The price could go higher beyond the $42,000 level. The next major resistance level is $42,500.

Another failure for BTC?

If Bitcoin fails to rise above the $40,380 resistance zone, another decline could begin. Immediate support for the downside is near the $39,420 level.

The next major support is at $38,500. The price could gain bearish momentum if it closes below $38,500. If indicated, the price may plunge towards the support level of $37,000 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 – $39,420, then $38,500.

Key resistance levels – $40,250, $40,400 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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