{"id":34741,"date":"2024-01-04T03:52:42","date_gmt":"2024-01-04T07:52:42","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34741"},"modified":"2024-01-04T03:52:42","modified_gmt":"2024-01-04T07:52:42","slug":"bitcoin-price-takes-major-hit-but-uptrend-far-from-over-heres-why","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/04\/bitcoin-price-takes-major-hit-but-uptrend-far-from-over-heres-why\/","title":{"rendered":"Bitcoin Price Takes Major Hit But Uptrend Far From Over \u2013 Here\u2019s Why"},"content":{"rendered":"

Bitcoin price started a major drop below $44,000 after rumors of spot ETF rejection. BTC dived over 10%, but the bulls are still protecting the $40,000 support.<\/em><\/p>\n

Bitcoin declined heavily and even spiked below the $40,000 level.
\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 $43,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if there is a close above the $43,500 resistance zone.<\/p>\n

Bitcoin Price Dives Over 10%<\/h2>\n

Bitcoin price struggled to gain pace for a move above the $46,000 resistance level<\/a>. BTC found a strong selling interest and then rumors of spot ETF rejection hit market.<\/p>\n

It sparked bearish moves and the price tumbled below the $44,000 level. There was a break below a key bullish trend line with support near $43,200 on the hourly chart of the BTC\/USD pair. The pair declined over 10% and even spiked below the $40,000 support.<\/p>\n

A low was formed near $39,500 and the price started a recovery wave. There was a move above the $41,500 and $42,000 levels. There was a wave above the 50% Fib retracement level of the downward move from the $45,913 swing high to the $39,501 low.<\/p>\n

Bitcoin is trading below $43,500 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $43,200 level. The first major resistance is $43,500 or the 61.8% Fib retracement level of the downward move from the $45,913 swing high to the $39,501 low.<\/p>\n

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

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

A close above the $43,500 level could send the price further higher. The next major resistance sits at $44,400. Any more gains above the $44,400 level could open the doors for a move toward the $45,000 level.<\/p>\n

Fresh Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $43,500 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 $41,300. If there is a move below $41,300, the price could gain bearish momentum. 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 losing pace in the bullish 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 $41,300.<\/p>\n

Major Resistance Levels \u2013 $43,200, $43,500, and $44,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started a major drop below $44,000 after rumors of spot ETF rejection. BTC dived over 10%, but the bulls are still protecting the $40,000 support.<\/em><\/p>\n

Bitcoin declined heavily and even spiked below the $40,000 level.
\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 $43,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if there is a close above the $43,500 resistance zone.<\/p>\n

Bitcoin Price Dives Over 10%<\/h2>\n

Bitcoin price struggled to gain pace for a move above the $46,000 resistance level<\/a>. BTC found a strong selling interest and then rumors of spot ETF rejection hit market.<\/p>\n

It sparked bearish moves and the price tumbled below the $44,000 level. There was a break below a key bullish trend line with support near $43,200 on the hourly chart of the BTC\/USD pair. The pair declined over 10% and even spiked below the $40,000 support.<\/p>\n

A low was formed near $39,500 and the price started a recovery wave. There was a move above the $41,500 and $42,000 levels. There was a wave above the 50% Fib retracement level of the downward move from the $45,913 swing high to the $39,501 low.<\/p>\n

Bitcoin is trading below $43,500 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $43,200 level. The first major resistance is $43,500 or the 61.8% Fib retracement level of the downward move from the $45,913 swing high to the $39,501 low.<\/p>\n

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

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

A close above the $43,500 level could send the price further higher. The next major resistance sits at $44,400. Any more gains above the $44,400 level could open the doors for a move toward the $45,000 level.<\/p>\n

Fresh Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $43,500 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 $41,300. If there is a move below $41,300, the price could gain bearish momentum. 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 losing pace in the bullish 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 $41,300.<\/p>\n

Major Resistance Levels \u2013 $43,200, $43,500, and $44,000.<\/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-34741","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\/34741","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=34741"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34741\/revisions"}],"predecessor-version":[{"id":34750,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34741\/revisions\/34750"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34741"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}