{"id":35331,"date":"2024-01-22T12:52:53","date_gmt":"2024-01-22T16:52:53","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35331"},"modified":"2024-01-22T12:52:53","modified_gmt":"2024-01-22T16:52:53","slug":"bitcoin-price-turns-red-why-btc-could-tumble-below-40k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/22\/bitcoin-price-turns-red-why-btc-could-tumble-below-40k\/","title":{"rendered":"Bitcoin Price Turns Red, Why BTC Could Tumble Below $40K"},"content":{"rendered":"

Bitcoin price started a fresh decline below the $41,250 support zone. BTC is showing bearish signs and might decline heavily below the $40,000 support zone.<\/em><\/p>\n

Bitcoin price is gaining bearish momentum below the $41,500 zone.
\nThe price is trading below $41,500 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $41,320 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is now at risk of more downsides if it breaks the $40,000 support zone.<\/p>\n

Bitcoin Price Resumes Downtrend<\/h2>\n

Bitcoin price struggled to stay above the $42,200 support zone<\/a>. However, BTC failed to clear many hurdles and started a fresh decline below the $42,000 level.<\/p>\n

There was a move below the $41,500 and $41,250 support levels. The price even spiked below the $40,500 level. A low is formed near $40,369 and the price is now consolidating losses. It is now trading near the 23.6% Fib retracement level of the recent drop from the $42,260 swing high to the $40,369 low.<\/p>\n

Bitcoin is now trading below $41,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $41,000 level. The first major resistance is near the $41,250 level. There is also a key bearish trend line forming with resistance near $41,320 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

The trend line is close to the 50% Fib retracement level of the recent drop from the $42,260 swing high to the $40,369 low. A clear move above the $41,320 resistance could send the price toward the $42,000 resistance. The next resistance is now forming near the $42,200 level. A close above the $42,200 level could push the price further higher. The next major resistance sits at $43,250.<\/p>\n

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

If Bitcoin fails to rise above the $42,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $40,500 level.<\/p>\n

The next major support is $40,000. If there is a close below $40,000, the price could gain bearish momentum. In the stated case, the price could drop toward the $38,500 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 $40,500, followed by $40,000.<\/p>\n

Major Resistance Levels \u2013 $41,500, $42,000, and $42,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started a fresh decline below the $41,250 support zone. BTC is showing bearish signs and might decline heavily below the $40,000 support zone.<\/em><\/p>\n

Bitcoin price is gaining bearish momentum below the $41,500 zone.
\nThe price is trading below $41,500 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $41,320 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is now at risk of more downsides if it breaks the $40,000 support zone.<\/p>\n

Bitcoin Price Resumes Downtrend<\/h2>\n

Bitcoin price struggled to stay above the $42,200 support zone<\/a>. However, BTC failed to clear many hurdles and started a fresh decline below the $42,000 level.<\/p>\n

There was a move below the $41,500 and $41,250 support levels. The price even spiked below the $40,500 level. A low is formed near $40,369 and the price is now consolidating losses. It is now trading near the 23.6% Fib retracement level of the recent drop from the $42,260 swing high to the $40,369 low.<\/p>\n

Bitcoin is now trading below $41,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $41,000 level. The first major resistance is near the $41,250 level. There is also a key bearish trend line forming with resistance near $41,320 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

The trend line is close to the 50% Fib retracement level of the recent drop from the $42,260 swing high to the $40,369 low. A clear move above the $41,320 resistance could send the price toward the $42,000 resistance. The next resistance is now forming near the $42,200 level. A close above the $42,200 level could push the price further higher. The next major resistance sits at $43,250.<\/p>\n

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

If Bitcoin fails to rise above the $42,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $40,500 level.<\/p>\n

The next major support is $40,000. If there is a close below $40,000, the price could gain bearish momentum. In the stated case, the price could drop toward the $38,500 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 $40,500, followed by $40,000.<\/p>\n

Major Resistance Levels \u2013 $41,500, $42,000, and $42,200.<\/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-35331","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\/35331","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=35331"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35331\/revisions"}],"predecessor-version":[{"id":35338,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35331\/revisions\/35338"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35331"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}