{"id":34586,"date":"2023-12-29T02:53:19","date_gmt":"2023-12-29T06:53:19","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34586"},"modified":"2023-12-29T02:53:19","modified_gmt":"2023-12-29T06:53:19","slug":"bitcoin-price-faces-another-rejection-why-btc-is-at-risk-before-the-new-year","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/29\/bitcoin-price-faces-another-rejection-why-btc-is-at-risk-before-the-new-year\/","title":{"rendered":"Bitcoin Price Faces Another Rejection, Why BTC Is At Risk Before The New Year"},"content":{"rendered":"

Bitcoin price failed again to clear the $44,000 resistance zone. BTC is declining and might be at risk of a downside break below the $41,500 level.<\/em><\/p>\n

Bitcoin is slowly moving lower from the $43,800 resistance zone.
\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 $42,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to decline if it stays below the $43,000 level.<\/p>\n

Bitcoin Price Takes Hit<\/h2>\n

Bitcoin price made a fresh attempt to gain pace<\/a> above the $43,200 level. BTC climbed above the $43,500 level, but it struggled to reach the $44,000 resistance zone.<\/p>\n

A high was formed near $43,792 and the price started a fresh decline. There was a clear inverted V pattern formed and the price declined below the $43,200 level. The bears were able to push the price below the 50% Fib retracement level of the upward move from the $41,637 swing low to the $43,792 low.<\/p>\n

Bitcoin is now trading below $43,000 and the 100 hourly Simple moving average<\/a>. It is also consolidating below the 61.8% Fib retracement level of the upward move from the $41,637 swing low to the $43,792 low.<\/p>\n

On the upside, immediate resistance is near the $42,500 level. There is also a key bearish trend line forming with resistance near $42,550 on the hourly chart of the BTC\/USD pair. The first major resistance is $43,000. A close above the $43,000 level could send the price further higher.<\/p>\n

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

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

The main hurdle sits at $43,250. A close above the $43,250 resistance could start a decent move toward the $43,800 level. The next key resistance could be near $44,000, 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 $43,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $42,150 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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $42,150, followed by $41,650.<\/p>\n

Major Resistance Levels \u2013 $42,550, $43,000, and $43,800.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price failed again to clear the $44,000 resistance zone. BTC is declining and might be at risk of a downside break below the $41,500 level.<\/em><\/p>\n

Bitcoin is slowly moving lower from the $43,800 resistance zone.
\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 $42,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to decline if it stays below the $43,000 level.<\/p>\n

Bitcoin Price Takes Hit<\/h2>\n

Bitcoin price made a fresh attempt to gain pace<\/a> above the $43,200 level. BTC climbed above the $43,500 level, but it struggled to reach the $44,000 resistance zone.<\/p>\n

A high was formed near $43,792 and the price started a fresh decline. There was a clear inverted V pattern formed and the price declined below the $43,200 level. The bears were able to push the price below the 50% Fib retracement level of the upward move from the $41,637 swing low to the $43,792 low.<\/p>\n

Bitcoin is now trading below $43,000 and the 100 hourly Simple moving average<\/a>. It is also consolidating below the 61.8% Fib retracement level of the upward move from the $41,637 swing low to the $43,792 low.<\/p>\n

On the upside, immediate resistance is near the $42,500 level. There is also a key bearish trend line forming with resistance near $42,550 on the hourly chart of the BTC\/USD pair. The first major resistance is $43,000. A close above the $43,000 level could send the price further higher.<\/p>\n

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

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

The main hurdle sits at $43,250. A close above the $43,250 resistance could start a decent move toward the $43,800 level. The next key resistance could be near $44,000, 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 $43,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $42,150 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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $42,150, followed by $41,650.<\/p>\n

Major Resistance Levels \u2013 $42,550, $43,000, and $43,800.<\/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-34586","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\/34586","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=34586"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34586\/revisions"}],"predecessor-version":[{"id":34591,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34586\/revisions\/34591"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34586"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}