Bitcoin

Resistance

Bitcoin price dived again and retested the $40,000 support zone. BTC is rising, but it must clear $42,350 to move into a positive zone. 
<ul> 
 <li>Bitcoin is attempting a fresh increase from the $40,000 support zone.</li> 
 <li>The price is trading below $43,600 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a connecting bearish trend line with resistance near $41,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could gain bullish momentum once it clears the $42,350 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-remains-supported">Bitcoin Price Remains Supported</h2> 
Bitcoin price dropped heavily below the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-crashes-8-and-wipes-weekly-gains-dips-supported/" target="_blank" rel="noopener ">$43,500 and $43,200 support levels</a>. BTC even dived below the $41,200 support before the bulls emerged. A low was formed near $39,999 and the price is now attempting a fresh increase. 
The price climbed above the 23.6% Fib retracement level of the downward move from the $44,699 swing high to the $39,999 low. Besides, there was a break above a connecting bearish trend line with resistance near $41,300 on the hourly chart of the BTC/USD pair. 
However, Bitcoin is still trading below $43,600 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $42,000 level. The first major resistance is forming near $42,350. It is near the 50% Fib retracement level of the downward move from the $44,699 swing high to the $39,999 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-8.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-564938" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-8.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-8.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-8.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-8.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-8.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-8.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-8.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-8.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
A close above the $42,350 resistance might start a steady increase. The next key resistance could be near $43,000, above which BTC could rise toward the $44,000 level. A clear move above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-strong-44k/" target="_blank" rel="noopener ">$44,000 level</a> could set the pace for a test of $45,000. 
<h2 id="dips-present-buying-opportunity-in-btc">Dips Present Buying Opportunity In BTC?</h2> 
If Bitcoin fails to rise above the $42,350 resistance zone, it could start another decline. Immediate support on the downside is near the $41,200 level. 
The next major support is near $40,550, below which the price might test the $40,000 zone. If there is a move below $40,000, there is a risk of a sharp decline. In the stated case, the price could drop toward the $38,500 support in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 30 level. 
Major Support Levels – $41,200, followed by $40,000. 
Major Resistance Levels – $42,400, $43,200, and $44,200.

Bitcoin Price Holds Key Support, Can Bulls Overcome This Key Hurdle?

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