{"id":35220,"date":"2024-01-18T03:53:10","date_gmt":"2024-01-18T07:53:10","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=35220"},"modified":"2024-01-18T03:53:10","modified_gmt":"2024-01-18T07:53:10","slug":"bitcoin-price-faces-uphill-task-risk-of-additional-losses-below-42k-looms","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/18\/bitcoin-price-faces-uphill-task-risk-of-additional-losses-below-42k-looms\/","title":{"rendered":"Bitcoin Price Faces Uphill Task, Risk of Additional Losses Below $42K Looms"},"content":{"rendered":"

Bitcoin price is still struggling below the $43,250 resistance zone. BTC remains at risk of more downsides if it stays below $43,500 for a long time.<\/em><\/p>\n

Bitcoin price is still trading in a range from the $41,500 zone.
\nThe price is trading below $43,250 and the 100 hourly Simple moving average.
\nThere was a break below a key rising channel with support near $42,880 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is now at risk of more downsides below the $41,500 support zone.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price started a consolidation phase<\/a> from the $41,500 zone. BTC recovered a few points, but the bears were active near the $43,250 and $43,500 levels.<\/p>\n

The last swing high was near $43,568 before the price started a fresh decline. There was a clear move below the $43,000 level. Besides, there was a break below a key rising channel with support near $42,880 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading below $43,250 and the 100 hourly Simple moving average<\/a>. It is again attempting a recovery wave above the $42,500 level.<\/p>\n

On the upside, the price is facing resistance near the $42,800 level. It is close to the 50% Fib retracement level of the recent decline from the $43,568 swing high to the $42,190 low. The first major resistance is $43,000. The main resistance is now forming near the $43,250 level.<\/p>\n

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

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

The 76.4% Fib retracement level of the recent decline from the $43,568 swing high to the $42,190 low is also near $43,250. A clear move above the $43,250 resistance could send the price toward the $44,000 resistance. The next resistance is now forming near the $44,250 level. A close above the $44,250 level could push the price further higher. The next major resistance sits at $45,000.<\/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 $41,450. If there is a close below $41,450, 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 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 $42,120, followed by $41,450.<\/p>\n

Major Resistance Levels \u2013 $43,000, $43,250, and $44,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is still struggling below the $43,250 resistance zone. BTC remains at risk of more downsides if it stays below $43,500 for a long time.<\/em><\/p>\n

Bitcoin price is still trading in a range from the $41,500 zone.
\nThe price is trading below $43,250 and the 100 hourly Simple moving average.
\nThere was a break below a key rising channel with support near $42,880 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is now at risk of more downsides below the $41,500 support zone.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price started a consolidation phase<\/a> from the $41,500 zone. BTC recovered a few points, but the bears were active near the $43,250 and $43,500 levels.<\/p>\n

The last swing high was near $43,568 before the price started a fresh decline. There was a clear move below the $43,000 level. Besides, there was a break below a key rising channel with support near $42,880 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading below $43,250 and the 100 hourly Simple moving average<\/a>. It is again attempting a recovery wave above the $42,500 level.<\/p>\n

On the upside, the price is facing resistance near the $42,800 level. It is close to the 50% Fib retracement level of the recent decline from the $43,568 swing high to the $42,190 low. The first major resistance is $43,000. The main resistance is now forming near the $43,250 level.<\/p>\n

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

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

The 76.4% Fib retracement level of the recent decline from the $43,568 swing high to the $42,190 low is also near $43,250. A clear move above the $43,250 resistance could send the price toward the $44,000 resistance. The next resistance is now forming near the $44,250 level. A close above the $44,250 level could push the price further higher. The next major resistance sits at $45,000.<\/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 $41,450. If there is a close below $41,450, 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 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 $42,120, followed by $41,450.<\/p>\n

Major Resistance Levels \u2013 $43,000, $43,250, 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-35220","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\/35220","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=35220"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35220\/revisions"}],"predecessor-version":[{"id":35229,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35220\/revisions\/35229"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35220"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}