{"id":35483,"date":"2024-01-26T03:52:40","date_gmt":"2024-01-26T07:52:40","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=35483"},"modified":"2024-01-26T03:52:40","modified_gmt":"2024-01-26T07:52:40","slug":"bitcoin-price-eyes-recovery-but-can-btc-bulls-regain-strength","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/26\/bitcoin-price-eyes-recovery-but-can-btc-bulls-regain-strength\/","title":{"rendered":"Bitcoin Price Eyes Recovery But Can BTC Bulls Regain Strength?"},"content":{"rendered":"

Bitcoin price is aiming for an upside break above the $40,500 resistance. BTC bulls could face heavy resistance near $40,850 and $41,350.<\/em><\/p>\n

Bitcoin price is attempting a recovery wave from the $38,500 support zone.
\nThe price is trading just above $40,000 and the 100 hourly Simple moving average.
\nThere is a crucial bearish trend line forming with resistance near $40,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could struggle to settle above the $40,400 and $40,500 resistance levels.<\/p>\n

Bitcoin Price Eyes Upside Break<\/h2>\n

Bitcoin price remained well-bid above the $38,500 support zone<\/a>. BTC formed a base and recently started a consolidation phase above the $39,000 level.<\/p>\n

The price was able to recover above the 23.6% Fib retracement level of the downward move from the $42,261 swing high to the $38,518 low. The bulls seem to be active above the $39,200 and $39,350 levels. Bitcoin is now trading just above $40,000 and the 100 hourly Simple moving average.<\/p>\n

However, there are many hurdles near $40,400. Immediate resistance is near the $40,250 level. There is also a crucial bearish trend line<\/a> forming with resistance near $40,250 on the hourly chart of the BTC\/USD pair.<\/p>\n

The next key resistance could be $40,380 or the 50% Fib retracement level of the downward move from the $42,261 swing high to the $38,518 low, above which the price could rise and test $40,850. A clear move above the $40,850 resistance could send the price toward the $41,250 resistance.<\/p>\n

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

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

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 Failure In BTC?<\/h2>\n

If Bitcoin fails to rise above the $40,380 resistance zone, it could start another decline. Immediate support on the downside is near the $39,420 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 dive toward 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 $39,420, followed by $38,500.<\/p>\n

Major Resistance Levels \u2013 $40,250, $40,400, and $40,850.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is aiming for an upside break above the $40,500 resistance. BTC bulls could face heavy resistance near $40,850 and $41,350.<\/em><\/p>\n

Bitcoin price is attempting a recovery wave from the $38,500 support zone.
\nThe price is trading just above $40,000 and the 100 hourly Simple moving average.
\nThere is a crucial bearish trend line forming with resistance near $40,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could struggle to settle above the $40,400 and $40,500 resistance levels.<\/p>\n

Bitcoin Price Eyes Upside Break<\/h2>\n

Bitcoin price remained well-bid above the $38,500 support zone<\/a>. BTC formed a base and recently started a consolidation phase above the $39,000 level.<\/p>\n

The price was able to recover above the 23.6% Fib retracement level of the downward move from the $42,261 swing high to the $38,518 low. The bulls seem to be active above the $39,200 and $39,350 levels. Bitcoin is now trading just above $40,000 and the 100 hourly Simple moving average.<\/p>\n

However, there are many hurdles near $40,400. Immediate resistance is near the $40,250 level. There is also a crucial bearish trend line<\/a> forming with resistance near $40,250 on the hourly chart of the BTC\/USD pair.<\/p>\n

The next key resistance could be $40,380 or the 50% Fib retracement level of the downward move from the $42,261 swing high to the $38,518 low, above which the price could rise and test $40,850. A clear move above the $40,850 resistance could send the price toward the $41,250 resistance.<\/p>\n

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

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

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 Failure In BTC?<\/h2>\n

If Bitcoin fails to rise above the $40,380 resistance zone, it could start another decline. Immediate support on the downside is near the $39,420 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 dive toward 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 $39,420, followed by $38,500.<\/p>\n

Major Resistance Levels \u2013 $40,250, $40,400, 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-35483","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\/35483","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=35483"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35483\/revisions"}],"predecessor-version":[{"id":35492,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35483\/revisions\/35492"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35483"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}