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Home»EXCHANGE NEWS»Why Bitcoin Price Rejects $43.5K and BTC Might Plunge in the Short-Term
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Why Bitcoin Price Rejects $43.5K and BTC Might Plunge in the Short-Term

By Crypto FlexsDecember 20, 20233 Mins Read
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Why Bitcoin Price Rejects .5K and BTC Might Plunge in the Short-Term
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Bitcoin price attempted a new upward breakout above the $43,500 resistance level. BTC failed and corrected lower to test the $41,800 support area.

  • Bitcoin is correcting gains at the $43,500 resistance zone.
  • The price is trading above $42,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bearish trend line tying with resistance near $42,600.
  • A break below the $41,650 support could continue the decline for the currency pair.

Bitcoin price falls again

Bitcoin price rose above the $42,000 resistance zone. BTC rose to the $43,000 level but faced a strong rejection near $43,500. It seems that the price has again failed to clear the $43,500 range.

A high was made near $43,464 and the price began a new decline. It has moved below the $42,800 and $42,500 support levels. Prices surged below the 50% Fib retracement level of the bullish wave from a swing low of $40,514 to a high of $43,464.

Bitcoin found support near the $41,800 level. It is currently trading above $42,000 and the 100-hour simple moving average. The price is also stable above the 61.8% Fib retracement level of the bullish wave from the $40,514 swing low to the $43,464 high.

On the other hand, immediate resistance is close to the $42,600 level. On the hourly chart of the BTC/USD pair, there is also a bearish trend line connecting with resistance near $42,600.

Source: TradingView.com BTCUSD

The first major resistance is forming near $43,000. The main resistance level is still near $43,500. A break above the $43,500 resistance could begin a steady rise. The next major resistance could be near $44,500, above which BTC could rise towards the $45,000 level.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $42,650 resistance zone, it may continue to fall. Immediate support for the downside is near the $42,000 level.

The next major support is near $41,650. A drop below $41,650 risks further losses. If indicated, the price may decline towards the $40,500 support level 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 close to the 50 level.

Key support levels – $42,000, then $41,650.

Key resistance levels – $42,650, $43,000 and $43,500.

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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