{"id":35443,"date":"2024-01-25T03:52:38","date_gmt":"2024-01-25T07:52:38","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35443"},"modified":"2024-01-25T03:52:38","modified_gmt":"2024-01-25T07:52:38","slug":"bitcoin-price-at-make-or-break-moment-key-levels-to-watch","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/25\/bitcoin-price-at-make-or-break-moment-key-levels-to-watch\/","title":{"rendered":"Bitcoin Price At Make-Or-Break Moment, Key Levels To Watch"},"content":{"rendered":"

Bitcoin price started an upside correction from the $38,500 support zone. BTC could gain bullish momentum if it clears the $40,500 resistance zone.<\/em><\/p>\n

Bitcoin price is attempting a recovery wave from the $38,500 support zone.
\nThe price is trading below $40,000 and the 100 hourly Simple moving average.
\nThere is a major bearish trend line forming with resistance near $40,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might struggle to recover above the $40,400 and $40,500 resistance levels.<\/p>\n

Bitcoin Price Attempts Recovery<\/h2>\n

Bitcoin price extended its decline below the $40,000 support zone. BTC even spiked below the $49,200 level and tested the $38,500 support zone. A new weekly low was formed near $38,518 and the price started an upside correction<\/a>.<\/p>\n

There was a recovery wave above the $39,200 and $39,500 levels. However, Bitcoin is now trading below $40,000 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Immediate resistance is near the $40,400 level. There is also a major bearish trend line forming with resistance near $40,400 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the downward wave from the $42,260 swing high to the $38,518 low.<\/p>\n

The next key resistance could be $40,500, above which the price could rise and test $40,850. It is close to the 61.8% Fib retracement level of the downward wave from the $42,260 swing high to the $38,518 low.<\/p>\n

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

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

A clear move above the $40,850 resistance could send the price toward the $41,500 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 $42,500.<\/p>\n

Another Drop In BTC?<\/h2>\n

If Bitcoin fails to rise above the $40,400 resistance zone, it could start another decline. Immediate support on the downside is near the $39,400 level.<\/p>\n

The next major support is $38,500. If there is a close below $38,500, the price could gain bearish momentum. In the stated case, the price could visit the $37,000 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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $39,400, followed by $38,500.<\/p>\n

Major Resistance Levels \u2013 $40,400, $40,500, and $40,850.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started an upside correction from the $38,500 support zone. BTC could gain bullish momentum if it clears the $40,500 resistance zone.<\/em><\/p>\n

Bitcoin price is attempting a recovery wave from the $38,500 support zone.
\nThe price is trading below $40,000 and the 100 hourly Simple moving average.
\nThere is a major bearish trend line forming with resistance near $40,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might struggle to recover above the $40,400 and $40,500 resistance levels.<\/p>\n

Bitcoin Price Attempts Recovery<\/h2>\n

Bitcoin price extended its decline below the $40,000 support zone. BTC even spiked below the $49,200 level and tested the $38,500 support zone. A new weekly low was formed near $38,518 and the price started an upside correction<\/a>.<\/p>\n

There was a recovery wave above the $39,200 and $39,500 levels. However, Bitcoin is now trading below $40,000 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Immediate resistance is near the $40,400 level. There is also a major bearish trend line forming with resistance near $40,400 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the downward wave from the $42,260 swing high to the $38,518 low.<\/p>\n

The next key resistance could be $40,500, above which the price could rise and test $40,850. It is close to the 61.8% Fib retracement level of the downward wave from the $42,260 swing high to the $38,518 low.<\/p>\n

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

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

A clear move above the $40,850 resistance could send the price toward the $41,500 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 $42,500.<\/p>\n

Another Drop In BTC?<\/h2>\n

If Bitcoin fails to rise above the $40,400 resistance zone, it could start another decline. Immediate support on the downside is near the $39,400 level.<\/p>\n

The next major support is $38,500. If there is a close below $38,500, the price could gain bearish momentum. In the stated case, the price could visit the $37,000 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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $39,400, followed by $38,500.<\/p>\n

Major Resistance Levels \u2013 $40,400, $40,500, and $40,850.<\/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-35443","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\/35443","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=35443"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35443\/revisions"}],"predecessor-version":[{"id":35451,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35443\/revisions\/35451"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35443"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}