{"id":34038,"date":"2023-12-11T04:08:14","date_gmt":"2023-12-11T08:08:14","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34038"},"modified":"2023-12-11T04:08:14","modified_gmt":"2023-12-11T08:08:14","slug":"bitcoin-price-crashes-8-and-wipes-weekly-gains-dips-supported","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/11\/bitcoin-price-crashes-8-and-wipes-weekly-gains-dips-supported\/","title":{"rendered":"Bitcoin Price Crashes 8% and Wipes Weekly Gains, Dips Supported?"},"content":{"rendered":"

Bitcoin price started a sharp decline after trading close to $45,000. BTC is down over 8% but the bulls seem to be active above $40,000.<\/em><\/p>\n

Bitcoin is showing a few bearish signs from the $44,699 high.
\nThe price is trading below $43,500 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could find strong buying interest near the $40,000 zone.<\/p>\n

Bitcoin Price Drops Heavily<\/h2>\n

Bitcoin price remained in a bullish zone<\/a> after it broke the $40,000 resistance. BTC climbed higher steadily above the $42,000 and $43,000 levels. The price even rallied above $44,000.<\/p>\n

However, it failed to test the $45,000 resistance. A high was formed near $44,699 and the price started a sharp downside correction. There was a move below the $44,000 level. Besides, there was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

The pair declined below the 50% Fib retracement level of the upward move from the $39,398 swing low to the $44,699 high. Bitcoin is now trading below $43,500 and the 100 hourly Simple moving average<\/a>.<\/p>\n

However, the bulls are protecting the $40,000 support and the 76.4% Fib retracement level of the upward move from the $39,398 swing low to the $44,699 high. The price is attempting a recovery wave and facing resistance near the $42,400 level.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The first major resistance is forming near $43,2000, above which the price might gain bullish momentum and rise toward $44,000. A close above the $44,000 resistance might start a strong upward move. The next key resistance could be near $44,200, above which BTC could rise toward the $45,000 level.<\/p>\n

$40K Is The Key For BTC<\/h2>\n

If Bitcoin fails to rise above the $43,200 resistance zone, it could start another decline. Immediate support on the downside is near the $41,200 level.<\/p>\n

The next major support is near $40,500, below which the price might test the $40,000 zone. If there is a move below $40,000, there is a risk of more downsides. In the stated case, the price could drop toward the $38,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 30 level.<\/p>\n

Major Support Levels \u2013 $41,200, followed by $40,000.<\/p>\n

Major Resistance Levels \u2013 $42,400, $43,200, and $44,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started a sharp decline after trading close to $45,000. BTC is down over 8% but the bulls seem to be active above $40,000.<\/em><\/p>\n

Bitcoin is showing a few bearish signs from the $44,699 high.
\nThe price is trading below $43,500 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could find strong buying interest near the $40,000 zone.<\/p>\n

Bitcoin Price Drops Heavily<\/h2>\n

Bitcoin price remained in a bullish zone<\/a> after it broke the $40,000 resistance. BTC climbed higher steadily above the $42,000 and $43,000 levels. The price even rallied above $44,000.<\/p>\n

However, it failed to test the $45,000 resistance. A high was formed near $44,699 and the price started a sharp downside correction. There was a move below the $44,000 level. Besides, there was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

The pair declined below the 50% Fib retracement level of the upward move from the $39,398 swing low to the $44,699 high. Bitcoin is now trading below $43,500 and the 100 hourly Simple moving average<\/a>.<\/p>\n

However, the bulls are protecting the $40,000 support and the 76.4% Fib retracement level of the upward move from the $39,398 swing low to the $44,699 high. The price is attempting a recovery wave and facing resistance near the $42,400 level.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The first major resistance is forming near $43,2000, above which the price might gain bullish momentum and rise toward $44,000. A close above the $44,000 resistance might start a strong upward move. The next key resistance could be near $44,200, above which BTC could rise toward the $45,000 level.<\/p>\n

$40K Is The Key For BTC<\/h2>\n

If Bitcoin fails to rise above the $43,200 resistance zone, it could start another decline. Immediate support on the downside is near the $41,200 level.<\/p>\n

The next major support is near $40,500, below which the price might test the $40,000 zone. If there is a move below $40,000, there is a risk of more downsides. In the stated case, the price could drop toward the $38,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 30 level.<\/p>\n

Major Support Levels \u2013 $41,200, followed by $40,000.<\/p>\n

Major Resistance Levels \u2013 $42,400, $43,200, and $44,200.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34038","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34038"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34038\/revisions"}],"predecessor-version":[{"id":34042,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34038\/revisions\/34042"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34038"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}