{"id":34520,"date":"2023-12-27T02:52:37","date_gmt":"2023-12-27T06:52:37","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=34520"},"modified":"2023-12-27T02:52:37","modified_gmt":"2023-12-27T06:52:37","slug":"bitcoin-price-faces-rejection-why-btc-could-revisit-40k-before-fresh-increase","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/27\/bitcoin-price-faces-rejection-why-btc-could-revisit-40k-before-fresh-increase\/","title":{"rendered":"Bitcoin Price Faces Rejection \u2013 Why BTC Could Revisit $40K Before Fresh Increase"},"content":{"rendered":"

Bitcoin price extended its decline below the $42,650 zone. BTC is showing a few bearish signs and might extend its decline toward the $40,000 support.<\/em><\/p>\n

Bitcoin seems to be following a bearish path below the $43,500 level.
\nThe price is trading below $43,000 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down toward the $40,500 and $40,000 support levels.<\/p>\n

Bitcoin Price Dips Further<\/h2>\n

Bitcoin price struggled to start a fresh increase above the $43,500 and $43,650 resistance levels<\/a>. BTC formed a short-term top and started a fresh decline below the $43,000 level.<\/p>\n

There was a clear move below the $42,500 and $42,300 levels. The price even spiked below the $42,000 level. A low was formed near $41,637 and the price is now attempting a fresh increase. There was a move above the $42,000 level.<\/p>\n

Bitcoin price climbed above the 23.6% Fib retracement level of the downward move from the $44,430 swing high to the $41,637 low. It is now trading below $43,000 and the 100 hourly Simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $43,000 level. It is close to the 50% Fib retracement level of the downward move from the $44,430 swing high to the $41,637 low. The first major resistance is forming near the trend line and $43,200.<\/p>\n

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

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

A close above the $43,200 resistance could start a decent move toward the $44,000 level. The next key resistance could be near $44,300, above which BTC could rise toward the $45,000 level. Any more gains might send the price toward $46,500.<\/p>\n

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

If Bitcoin fails to rise above the $43,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,000 level.<\/p>\n

The next major support is near $41,620. If there is a move below $41,620, there is a risk of more losses. In the stated case, the price could drop toward the $40,000 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

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

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $42,000, followed by $41,620.<\/p>\n

Major Resistance Levels \u2013 $43,000, $43,200, and $44,300.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price extended its decline below the $42,650 zone. BTC is showing a few bearish signs and might extend its decline toward the $40,000 support.<\/em><\/p>\n

Bitcoin seems to be following a bearish path below the $43,500 level.
\nThe price is trading below $43,000 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down toward the $40,500 and $40,000 support levels.<\/p>\n

Bitcoin Price Dips Further<\/h2>\n

Bitcoin price struggled to start a fresh increase above the $43,500 and $43,650 resistance levels<\/a>. BTC formed a short-term top and started a fresh decline below the $43,000 level.<\/p>\n

There was a clear move below the $42,500 and $42,300 levels. The price even spiked below the $42,000 level. A low was formed near $41,637 and the price is now attempting a fresh increase. There was a move above the $42,000 level.<\/p>\n

Bitcoin price climbed above the 23.6% Fib retracement level of the downward move from the $44,430 swing high to the $41,637 low. It is now trading below $43,000 and the 100 hourly Simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $43,200 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $43,000 level. It is close to the 50% Fib retracement level of the downward move from the $44,430 swing high to the $41,637 low. The first major resistance is forming near the trend line and $43,200.<\/p>\n

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

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

A close above the $43,200 resistance could start a decent move toward the $44,000 level. The next key resistance could be near $44,300, above which BTC could rise toward the $45,000 level. Any more gains might send the price toward $46,500.<\/p>\n

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

If Bitcoin fails to rise above the $43,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,000 level.<\/p>\n

The next major support is near $41,620. If there is a move below $41,620, there is a risk of more losses. In the stated case, the price could drop toward the $40,000 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

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

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $42,000, followed by $41,620.<\/p>\n

Major Resistance Levels \u2013 $43,000, $43,200, and $44,300.<\/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-34520","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\/34520","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=34520"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34520\/revisions"}],"predecessor-version":[{"id":34527,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34520\/revisions\/34527"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34520"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}