{"id":35356,"date":"2024-01-23T03:53:25","date_gmt":"2024-01-23T07:53:25","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35356"},"modified":"2024-01-23T03:53:25","modified_gmt":"2024-01-23T07:53:25","slug":"bitcoin-price-dives-below-40k-can-bulls-save-the-day","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/23\/bitcoin-price-dives-below-40k-can-bulls-save-the-day\/","title":{"rendered":"Bitcoin Price Dives Below $40K, Can Bulls Save The Day?"},"content":{"rendered":"

Bitcoin price extended its decline below the $40,000 support zone. BTC is consolidating losses and remains at risk of more downsides below $38,500.<\/em><\/p>\n

Bitcoin price is gaining bearish momentum below the $40,500 zone.
\nThe price is trading below $40,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $40,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might correct above $40,000 but the bears could remain active near $40,500.<\/p>\n

Bitcoin Price Takes Hit<\/h2>\n

Bitcoin price remained in a bearish zone<\/a> below the $42,000 support zone. BTC bears gained strength and were able to push the price below the $40,000 support zone.<\/p>\n

A new weekly low was formed near $39,451 and the price is now consolidating losses. It is slowly recovering above the $39,800 level. It is approaching the 23.6% Fib retracement level of the recent decline from the $42,260 swing high to the $39,451 low.<\/p>\n

Bitcoin is now trading below $40,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $40,150 level. The first major resistance is near the $40,850 level. There is also a connecting bearish trend line forming with resistance near $40,850 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 decline from the $42,260 swing high to the $39,451 low. A clear move above the $40,850 resistance could send the price toward the $41,250 resistance. The next resistance is now forming near the $42,000 level. A close above the $42,000 level could push the price further higher. The next major resistance sits at $43,000.<\/p>\n

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

If Bitcoin fails to rise above the $40,850 resistance zone, it could continue to move down. Immediate support on the downside is near the $39,650 level.<\/p>\n

The next major support is $39,500. If there is a close below $39,500, 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 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 $39,500, followed by $38,500.<\/p>\n

Major Resistance Levels \u2013 $40,500, $40,850, and $41,250.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price extended its decline below the $40,000 support zone. BTC is consolidating losses and remains at risk of more downsides below $38,500.<\/em><\/p>\n

Bitcoin price is gaining bearish momentum below the $40,500 zone.
\nThe price is trading below $40,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $40,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might correct above $40,000 but the bears could remain active near $40,500.<\/p>\n

Bitcoin Price Takes Hit<\/h2>\n

Bitcoin price remained in a bearish zone<\/a> below the $42,000 support zone. BTC bears gained strength and were able to push the price below the $40,000 support zone.<\/p>\n

A new weekly low was formed near $39,451 and the price is now consolidating losses. It is slowly recovering above the $39,800 level. It is approaching the 23.6% Fib retracement level of the recent decline from the $42,260 swing high to the $39,451 low.<\/p>\n

Bitcoin is now trading below $40,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $40,150 level. The first major resistance is near the $40,850 level. There is also a connecting bearish trend line forming with resistance near $40,850 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 decline from the $42,260 swing high to the $39,451 low. A clear move above the $40,850 resistance could send the price toward the $41,250 resistance. The next resistance is now forming near the $42,000 level. A close above the $42,000 level could push the price further higher. The next major resistance sits at $43,000.<\/p>\n

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

If Bitcoin fails to rise above the $40,850 resistance zone, it could continue to move down. Immediate support on the downside is near the $39,650 level.<\/p>\n

The next major support is $39,500. If there is a close below $39,500, 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 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 $39,500, followed by $38,500.<\/p>\n

Major Resistance Levels \u2013 $40,500, $40,850, and $41,250.<\/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-35356","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\/35356","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=35356"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35356\/revisions"}],"predecessor-version":[{"id":35366,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35356\/revisions\/35366"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35356"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}