{"id":35257,"date":"2024-01-19T02:53:31","date_gmt":"2024-01-19T06:53:31","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35257"},"modified":"2024-01-19T02:53:31","modified_gmt":"2024-01-19T06:53:31","slug":"bitcoin-price-takes-hit-can-bulls-protect-the-main-support-at-40k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/19\/bitcoin-price-takes-hit-can-bulls-protect-the-main-support-at-40k\/","title":{"rendered":"Bitcoin Price Takes Hit, Can Bulls Protect The Main Support at $40K?"},"content":{"rendered":"

Bitcoin price extended its decline below the $41,450 support zone. BTC is showing bearish signs and might struggle to stay above the $40,000 support zone.<\/em><\/p>\n

Bitcoin price is gaining bearish momentum below the $42,500 zone.
\nThe price is trading below $42,000 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $42,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is now at risk of more downsides toward the $40,000 support zone.<\/p>\n

Bitcoin Price Gains Bearish Momentum<\/h2>\n

Bitcoin price failed to start a recovery wave above the $43,250 resistance zone<\/a>. BTC formed a short-term top and started another decline below the $42,120 support zone.<\/p>\n

The bears were able to push the price below the $41,450 level. A new weekly low was formed near $40,625 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $43,569 swing high to the $40,625 low.<\/p>\n

Bitcoin is now trading below $42,000 and the 100 hourly Simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $42,100 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, the price is facing resistance near the $41,675 level. The next key resistance is near the $42,100 zone and the trend line. It is also close to the 50% Fib retracement level of the recent decline from the $43,569 swing high to the $40,625 low.<\/p>\n

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

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

A clear move above the $42,100 resistance could send the price toward the $43,250 resistance. The next resistance is now forming near the $43,500 level. A close above the $43,500 level could push the price further higher. The next major resistance sits at $44,450.<\/p>\n

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

If Bitcoin fails to rise above the $42,100 resistance zone, it could continue to move down. Immediate support on the downside is near the $40,750 level.<\/p>\n

The next major support is $40,500. If there is a close below $40,500, 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 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 $40,750, followed by $40,000.<\/p>\n

Major Resistance Levels \u2013 $41,675, $42,100, and $43,250.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price extended its decline below the $41,450 support zone. BTC is showing bearish signs and might struggle to stay above the $40,000 support zone.<\/em><\/p>\n

Bitcoin price is gaining bearish momentum below the $42,500 zone.
\nThe price is trading below $42,000 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $42,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is now at risk of more downsides toward the $40,000 support zone.<\/p>\n

Bitcoin Price Gains Bearish Momentum<\/h2>\n

Bitcoin price failed to start a recovery wave above the $43,250 resistance zone<\/a>. BTC formed a short-term top and started another decline below the $42,120 support zone.<\/p>\n

The bears were able to push the price below the $41,450 level. A new weekly low was formed near $40,625 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $43,569 swing high to the $40,625 low.<\/p>\n

Bitcoin is now trading below $42,000 and the 100 hourly Simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $42,100 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, the price is facing resistance near the $41,675 level. The next key resistance is near the $42,100 zone and the trend line. It is also close to the 50% Fib retracement level of the recent decline from the $43,569 swing high to the $40,625 low.<\/p>\n

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

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

A clear move above the $42,100 resistance could send the price toward the $43,250 resistance. The next resistance is now forming near the $43,500 level. A close above the $43,500 level could push the price further higher. The next major resistance sits at $44,450.<\/p>\n

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

If Bitcoin fails to rise above the $42,100 resistance zone, it could continue to move down. Immediate support on the downside is near the $40,750 level.<\/p>\n

The next major support is $40,500. If there is a close below $40,500, 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 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 $40,750, followed by $40,000.<\/p>\n

Major Resistance Levels \u2013 $41,675, $42,100, and $43,250.<\/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-35257","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\/35257","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=35257"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35257\/revisions"}],"predecessor-version":[{"id":35262,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35257\/revisions\/35262"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35257"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}