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Home»BITCOIN NEWS»Bitcoin Price Plunge Is Imminent as Bears Protect Key Resistance
BITCOIN NEWS

Bitcoin Price Plunge Is Imminent as Bears Protect Key Resistance

By Crypto FlexsJanuary 8, 20243 Mins Read
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Bitcoin Price Plunge Is Imminent as Bears Protect Key Resistance
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Bitcoin price is still struggling to break the resistance levels of $44,500 and $44,700. BTC is showing some signs of weakness and could fall to $42,150.

  • Bitcoin faces a major obstacle near the $44,500 resistance zone.
  • The price is trading below $44,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the main bullish trendline with support at $44,000.
  • The pair may decline towards the $42,350 and $42,150 support levels.

Bitcoin Price Faces Hurdles

Bitcoin price attempted a new rise above the $43,500 resistance zone. BTC broke through the $43,800 resistance zone, but bears were active near the $44,500 resistance zone.

There were several attempts to gain strength above $44,500, but the downside remained active. Highs were made near $44,483 and the price is currently showing some signs of weakness. It fell below the $44,000 support level. The price traded below the 50% Fib retracement level, rising from the $42,480 swing low to the $44,483 high.

Moreover, a break occurred below the main bullish trendline supporting $44,000 on the hourly chart of the BTC/USD pair. Bitcoin is now below $44,000 and the 100-hour simple moving average.

Source: TradingView.com BTCUSD

Meanwhile, immediate resistance is close to the $44,000 level. The first major resistance is at $44,200. Currently, major resistance is forming near the $44,500 level. The price could go higher once it breaks above the $44,500 level. The next major resistance level is $45,450. Any further gains above the $45,450 level could open the door for a move towards the $46,200 level.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $44,000 resistance zone, it may continue to fall. Immediate support for the bears is near the $43,200 level or the 61.8% Fib retracement level of the rise from the $42,480 swing low to the $44,483 high.

The next major support is near $42,800. A break below $42,800 could see the price gain bearish momentum. If indicated, the price may fall towards the $42,150 support in the near term.

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 – $42,800, then $42,150.

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

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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