{"id":34781,"date":"2024-01-05T03:53:08","date_gmt":"2024-01-05T07:53:08","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34781"},"modified":"2024-01-05T03:53:08","modified_gmt":"2024-01-05T07:53:08","slug":"bitcoin-price-faces-rejection-heres-why-dips-could-be-attractive","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/05\/bitcoin-price-faces-rejection-heres-why-dips-could-be-attractive\/","title":{"rendered":"Bitcoin Price Faces Rejection, Here\u2019s Why Dips Could Be Attractive"},"content":{"rendered":"

Bitcoin price recovered further above $43,500 but struggled near $44,500. BTC is correcting gains and might test the $42,150 support zone.<\/em><\/p>\n

Bitcoin recovered above the $43,500 resistance and remained in a positive zone.
\nThe price is trading below $44,000 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $44,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline toward the $42,150 and $42,000 support levels.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price started a recovery wave above the $43,200 resistance zone. BTC even broke the $43,500 resistance zone<\/a> to move further into a positive zone.<\/p>\n

There was a decent upward move, but the bears were active near the $44,500 resistance zone. It faced rejection near the 76.4% Fib retracement level of the downward move from the $45,913 swing high to the $39,500 low. A high was formed near $44,784 and the price is now correcting gains.<\/p>\n

There was a move below the $44,000 level. The price traded below the 23.6% Fib retracement level of the upward move from the $39,501 swing low to the $44,784 high. Bitcoin is now trading below $44,000 and the 100 hourly Simple moving average<\/a>.<\/p>\n

On the upside, immediate resistance is near the $44,000 level. The first major resistance is $44,400. There is also a key bearish trend line forming with resistance near $44,400 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

A close above the $44,400 level could send the price further higher. The next major resistance sits at $45,500. Any more gains above the $45,500 level could open the doors for a move toward the $46,000 level.<\/p>\n

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

If Bitcoin fails to rise above the $44,400 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,800 level.<\/p>\n

The next major support is near $42,150 or the 50% Fib retracement level of the upward move from the $39,501 swing low to the $44,784 high. If there is a move below $41,150, 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 $42,800, followed by $42,150.<\/p>\n

Major Resistance Levels \u2013 $43,800, $44,000, and $44,400.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price recovered further above $43,500 but struggled near $44,500. BTC is correcting gains and might test the $42,150 support zone.<\/em><\/p>\n

Bitcoin recovered above the $43,500 resistance and remained in a positive zone.
\nThe price is trading below $44,000 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $44,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline toward the $42,150 and $42,000 support levels.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price started a recovery wave above the $43,200 resistance zone. BTC even broke the $43,500 resistance zone<\/a> to move further into a positive zone.<\/p>\n

There was a decent upward move, but the bears were active near the $44,500 resistance zone. It faced rejection near the 76.4% Fib retracement level of the downward move from the $45,913 swing high to the $39,500 low. A high was formed near $44,784 and the price is now correcting gains.<\/p>\n

There was a move below the $44,000 level. The price traded below the 23.6% Fib retracement level of the upward move from the $39,501 swing low to the $44,784 high. Bitcoin is now trading below $44,000 and the 100 hourly Simple moving average<\/a>.<\/p>\n

On the upside, immediate resistance is near the $44,000 level. The first major resistance is $44,400. There is also a key bearish trend line forming with resistance near $44,400 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

A close above the $44,400 level could send the price further higher. The next major resistance sits at $45,500. Any more gains above the $45,500 level could open the doors for a move toward the $46,000 level.<\/p>\n

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

If Bitcoin fails to rise above the $44,400 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,800 level.<\/p>\n

The next major support is near $42,150 or the 50% Fib retracement level of the upward move from the $39,501 swing low to the $44,784 high. If there is a move below $41,150, 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 $42,800, followed by $42,150.<\/p>\n

Major Resistance Levels \u2013 $43,800, $44,000, and $44,400.<\/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-34781","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\/34781","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=34781"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34781\/revisions"}],"predecessor-version":[{"id":34788,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34781\/revisions\/34788"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34781"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}