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Home»EXCHANGE NEWS»Bitcoin price is stuck in a range, can BTC bulls save the day?
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Bitcoin price is stuck in a range, can BTC bulls save the day?

By Crypto FlexsFebruary 5, 20243 Mins Read
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Bitcoin price is stuck in a range, can BTC bulls save the day?
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Bitcoin price continued to struggle to rise above the $43,800 resistance level. BTC is in a downward trend and could fall significantly if it breaks the support level of $41,800.

  • Bitcoin price is falling from the $43,800 resistance zone.
  • The price is trading below $42,800 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 $42,850.
  • If there is a clear move below the $41,800 support, the pair may continue to decline.

Bitcoin price took a hit.

Bitcoin price made another attempt to break above the $43,000 and $43,200 resistance levels. However, BTC struggled to extend its gains and recently began another downtrend below $42,800.

There was a move below the $42,500 support level. A low was formed near $42,232 and the price is currently consolidating losses. The hourly chart of the BTC/USD pair also has a major bearish trendline forming with resistance near $42,850.

Bitcoin is currently trading below $42,800 and the 100-hour simple moving average. Immediate resistance is near the $42,750 level. The $43,250 swing high to $42,232 low is close to the 50% Fib retracement level of the bearish wave.

The next major resistance could be $42,850 and the trend line. The trend line is close to the 61.8% Fib retracement level of the bearish wave from the $43,250 swing high to the $42,232 low, above which the price could begin a significant rise.

Source: TradingView.com BTCUSD

The next stop on the uptrend could possibly be $43,250. A clear break above the $43,250 resistance may lead the price to move towards the $43,800 resistance. The next resistance is now forming near the $44,200 level. Prices could rise further above the $44,200 level. The next major resistance level is $45,000.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $42,850 resistance zone, another decline could begin. Immediate support for the downside is near the $42,250 level.

The first major support is $41,800. The price could gain bearish momentum if it closes below $41,800. If stated, the price may plunge towards the $40,500 support.

Technical indicators:

Hourly MACD – MACD is now picking up speed in bearish territory.

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

Key support levels – $42,250, then $41,800.

Key resistance levels – $42,750, $42,850 and $43,250.

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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