{"id":35136,"date":"2024-01-16T03:52:35","date_gmt":"2024-01-16T07:52:35","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35136"},"modified":"2024-01-16T03:52:35","modified_gmt":"2024-01-16T07:52:35","slug":"bitcoin-price-consolidates-losses-why-100-sma-is-the-key-to-recovery","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/16\/bitcoin-price-consolidates-losses-why-100-sma-is-the-key-to-recovery\/","title":{"rendered":"Bitcoin Price Consolidates Losses, Why 100 SMA Is The Key To Recovery"},"content":{"rendered":"

Bitcoin price is struggling below the $43,500 resistance zone. BTC could start another decline if it stays below the 100 hourly SMA.<\/em><\/p>\n

Bitcoin price started a major decline from the $49,000 resistance zone.
\nThe price is trading below $43,250 and the 100 hourly Simple moving average.
\nThere is a key declining channel forming with resistance near $43,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh decline if it stays below the $43,250 resistance zone.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price started a major decline from the $49,000 resistance zone<\/a>. BTC traded below the $46,500 and $45,000 support levels to enter a short-term bearish zone.<\/p>\n

The bears even pushed the price below the $42,500 support zone before the bulls appeared. A low was formed near $41,476 and the price is now consolidating losses. It recovered a few points above the $42,000 level. The price tested the 23.6% Fib retracement level of the key drop from the $49,000 swing high to the $41,476 low.<\/p>\n

Bitcoin is now trading below $43,250 and the 100 hourly Simple moving average<\/a>. There is also a key declining channel forming with resistance near $43,050 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $43,000 level and the channel zone. \u00a0The first major resistance is $43,250 or the 100 hourly Simple moving average. A clear move above the $43,250 resistance could send the price toward the $44,450 resistance.<\/p>\n

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

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

The next resistance is now forming near the $45,250 level. It is near the 50% Fib retracement level of the key drop from the $49,000 swing high to the $41,476 low. A close above the $45,250 level could start a strong increase and send the price higher. The next major resistance sits at $47,000.<\/p>\n

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

If Bitcoin fails to rise above the $43,250 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,120 level.<\/p>\n

The next major support is $41,500. If there is a close below $41,500, the price could gain bearish momentum. 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 $42,120, followed by $41,500.<\/p>\n

Major Resistance Levels \u2013 $43,050, $43,250, and $44,450.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is struggling below the $43,500 resistance zone. BTC could start another decline if it stays below the 100 hourly SMA.<\/em><\/p>\n

Bitcoin price started a major decline from the $49,000 resistance zone.
\nThe price is trading below $43,250 and the 100 hourly Simple moving average.
\nThere is a key declining channel forming with resistance near $43,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh decline if it stays below the $43,250 resistance zone.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price started a major decline from the $49,000 resistance zone<\/a>. BTC traded below the $46,500 and $45,000 support levels to enter a short-term bearish zone.<\/p>\n

The bears even pushed the price below the $42,500 support zone before the bulls appeared. A low was formed near $41,476 and the price is now consolidating losses. It recovered a few points above the $42,000 level. The price tested the 23.6% Fib retracement level of the key drop from the $49,000 swing high to the $41,476 low.<\/p>\n

Bitcoin is now trading below $43,250 and the 100 hourly Simple moving average<\/a>. There is also a key declining channel forming with resistance near $43,050 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, immediate resistance is near the $43,000 level and the channel zone. \u00a0The first major resistance is $43,250 or the 100 hourly Simple moving average. A clear move above the $43,250 resistance could send the price toward the $44,450 resistance.<\/p>\n

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

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

The next resistance is now forming near the $45,250 level. It is near the 50% Fib retracement level of the key drop from the $49,000 swing high to the $41,476 low. A close above the $45,250 level could start a strong increase and send the price higher. The next major resistance sits at $47,000.<\/p>\n

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

If Bitcoin fails to rise above the $43,250 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,120 level.<\/p>\n

The next major support is $41,500. If there is a close below $41,500, the price could gain bearish momentum. 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 $42,120, followed by $41,500.<\/p>\n

Major Resistance Levels \u2013 $43,050, $43,250, and $44,450.<\/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-35136","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\/35136","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=35136"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35136\/revisions"}],"predecessor-version":[{"id":35142,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35136\/revisions\/35142"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35136"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}