{"id":34325,"date":"2023-12-20T03:53:07","date_gmt":"2023-12-20T07:53:07","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=34325"},"modified":"2023-12-20T03:53:07","modified_gmt":"2023-12-20T07:53:07","slug":"bitcoin-price-rejects-43-5k-why-btc-could-tumble-in-short-term","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/20\/bitcoin-price-rejects-43-5k-why-btc-could-tumble-in-short-term\/","title":{"rendered":"Bitcoin Price Rejects $43.5K, Why BTC Could Tumble In Short-Term"},"content":{"rendered":"

Bitcoin price attempted a fresh upside break above the $43,500 resistance. BTC failed and corrected lower to test the $41,800 support zone.<\/em><\/p>\n

Bitcoin is correcting gains from the $43,500 resistance zone.
\nThe price is trading above $42,000 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $42,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if there is a move below the $41,650 support.<\/p>\n

Bitcoin Price Drops Again<\/h2>\n

Bitcoin price gained pace above the $42,000 resistance zone. BTC even climbed above the $43,000 level, but it faced a strong rejection near $43,500. It seems like the price failed again to clear the $43,500 zone<\/a>.<\/p>\n

A high was formed near $43,464 and the price started a fresh decline. There was a move below the $42,800 and $42,500 support levels. The price even spiked below the 50% Fib retracement level of the upward wave from the $40,514 swing low to the $43,464 high.<\/p>\n

Bitcoin found support near the $41,800 level. It is now trading above $42,000 and the 100 hourly Simple moving average<\/a>. The price is also stable above the 61.8% Fib retracement level of the upward wave from the $40,514 swing low to the $43,464 high.<\/p>\n

On the upside, immediate resistance is near the $42,600 level. There is also a connecting bearish trend line forming with resistance near $42,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

The first major resistance is forming near $43,000. The main resistance is still near the $43,500 zone. A close above the $43,500 resistance might start a steady increase. The next key resistance could be near $44,500, above which BTC could rise toward the $45,000 level.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $42,650 resistance zone, it could continue to move down. Immediate support on the downside is near the $42,000 level.<\/p>\n

The next major support is near $41,650. If there is a move below $41,650, there is a risk of more losses. In the stated case, the price could drop toward the $40,500 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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $42,000, followed by $41,650.<\/p>\n

Major Resistance Levels \u2013 $42,650, $43,000, and $43,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price attempted a fresh upside break above the $43,500 resistance. BTC failed and corrected lower to test the $41,800 support zone.<\/em><\/p>\n

Bitcoin is correcting gains from the $43,500 resistance zone.
\nThe price is trading above $42,000 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $42,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if there is a move below the $41,650 support.<\/p>\n

Bitcoin Price Drops Again<\/h2>\n

Bitcoin price gained pace above the $42,000 resistance zone. BTC even climbed above the $43,000 level, but it faced a strong rejection near $43,500. It seems like the price failed again to clear the $43,500 zone<\/a>.<\/p>\n

A high was formed near $43,464 and the price started a fresh decline. There was a move below the $42,800 and $42,500 support levels. The price even spiked below the 50% Fib retracement level of the upward wave from the $40,514 swing low to the $43,464 high.<\/p>\n

Bitcoin found support near the $41,800 level. It is now trading above $42,000 and the 100 hourly Simple moving average<\/a>. The price is also stable above the 61.8% Fib retracement level of the upward wave from the $40,514 swing low to the $43,464 high.<\/p>\n

On the upside, immediate resistance is near the $42,600 level. There is also a connecting bearish trend line forming with resistance near $42,600 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

The first major resistance is forming near $43,000. The main resistance is still near the $43,500 zone. A close above the $43,500 resistance might start a steady increase. The next key resistance could be near $44,500, above which BTC could rise toward the $45,000 level.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $42,650 resistance zone, it could continue to move down. Immediate support on the downside is near the $42,000 level.<\/p>\n

The next major support is near $41,650. If there is a move below $41,650, there is a risk of more losses. In the stated case, the price could drop toward the $40,500 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 near the 50 level.<\/p>\n

Major Support Levels \u2013 $42,000, followed by $41,650.<\/p>\n

Major Resistance Levels \u2013 $42,650, $43,000, and $43,500.<\/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-34325","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\/34325","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=34325"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34325\/revisions"}],"predecessor-version":[{"id":34332,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34325\/revisions\/34332"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34325"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}