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Home»BITCOIN NEWS»Why Bitcoin Price Consolidates Losses and 100 SMA Is Key to Recovery
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Why Bitcoin Price Consolidates Losses and 100 SMA Is Key to Recovery

By Crypto FlexsJanuary 16, 20243 Mins Read
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Why Bitcoin Price Consolidates Losses and 100 SMA Is Key to Recovery
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Bitcoin price is struggling below the $43,500 resistance zone. If BTC stays below the 100-hour SMA, another decline could begin.

  • Bitcoin price began to decline significantly from the $49,000 resistance zone.
  • The price is trading below $43,250 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major downward channel forming with resistance near $43,050.
  • A stay below the $43,250 resistance could start a new downtrend.

Bitcoin price turns red

Bitcoin price began to decline significantly from the $49,000 resistance zone. BTC traded below the $46,500 and $45,000 support levels to enter near-term bearish territory.

The bears even pushed the price below the $42,500 support zone before the uptrend took hold. A low was formed near $41,476 and the price is currently consolidating losses. It recovered a few points above the $42,000 level. The price tested the 23.6% Fib retracement level of the major decline from the $49,000 swing high to the $41,476 low.

Bitcoin is currently trading below $43,250 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a major downward channel with resistance forming near $43,050.

On the positive side, immediate resistance is near the $43,000 level and channel area. The first major resistance is $43,250 or the 100-hour simple moving average. A clear break above the $43,250 resistance may lead the price to move towards the $44,450 resistance.

Source: TradingView.com BTCUSD

The next resistance is now forming near the $45,250 level. This is close to the 50% Fib retracement level of the key decline from the $49,000 swing high to the $41,476 low. A move above the $45,250 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. The price could gain bearish momentum if it closes below $41,500. 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 – $43,050, $43,250 and $44,450.

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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