Bitcoin

Resistance

Bitcoin price is still struggling below the $43,250 resistance zone. BTC remains at risk of more downsides if it stays below $43,500 for a long time. 
<ul> 
 <li>Bitcoin price is still trading in a range from the $41,500 zone.</li> 
 <li>The price is trading below $43,250 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a key rising channel with support near $42,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair is now at risk of more downsides below the $41,500 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-turns-red">Bitcoin Price Turns Red</h2> 
Bitcoin price started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-signals-recovery-44000/" target="_blank" rel="noopener ">consolidation phase</a> from the $41,500 zone. BTC recovered a few points, but the bears were active near the $43,250 and $43,500 levels. 
The last swing high was near $43,568 before the price started a fresh decline. There was a clear move below the $43,000 level. Besides, there was a break below a key rising channel with support near $42,880 on the hourly chart of the BTC/USD pair. 
Bitcoin is now trading below $43,250 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-43250/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. It is again attempting a recovery wave above the $42,500 level. 
On the upside, the price is facing resistance near the $42,800 level. It is close to the 50% Fib retracement level of the recent decline from the $43,568 swing high to the $42,190 low. The first major resistance is $43,000. The main resistance is now forming near the $43,250 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_843f2b.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-570057" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_843f2b.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_843f2b.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_843f2b.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_843f2b.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_843f2b.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_843f2b.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_843f2b.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_843f2b.png?resize=1024%2C461?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> 
The 76.4% Fib retracement level of the recent decline from the $43,568 swing high to the $42,190 low is also near $43,250. A clear move above the $43,250 resistance could send the price toward the $44,000 resistance. The next resistance is now forming near the $44,250 level. A close above the $44,250 level could push the price further higher. The next major resistance sits at $45,000. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $43,250 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,120 level. 
The next major support is $41,450. If there is a close below $41,450, the price could gain bearish momentum. In the stated case, the price could drop toward the $40,000 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 50 level. 
Major Support Levels – $42,120, followed by $41,450. 
Major Resistance Levels – $43,000, $43,250, and $44,000.

Bitcoin Price Faces Uphill Task, Risk of Additional Losses Below $42K Looms

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