{"id":35665,"date":"2024-02-01T08:52:47","date_gmt":"2024-02-01T12:52:47","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35665"},"modified":"2024-02-01T08:52:47","modified_gmt":"2024-02-01T12:52:47","slug":"bitcoin-price-decline-to-resume-these-could-be-the-factors-to-watch","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/01\/bitcoin-price-decline-to-resume-these-could-be-the-factors-to-watch\/","title":{"rendered":"Bitcoin Price Decline To Resume? These Could Be The Factors To Watch"},"content":{"rendered":"

Bitcoin price struggled to clear the $43,750 resistance. BTC is now declining and there could be more losses if there is a move below the $41,800 level.<\/em><\/p>\n

Bitcoin price is slowly moving lower from the $43,750 resistance zone.
\nThe price is trading below $42,800 and the 100 hourly Simple moving average.
\nThere was a break below a connecting bullish trend line with support near $42,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to decline if there is a close below the $41,800 level.<\/p>\n

Bitcoin Price Starts Another Decline<\/h2>\n

Bitcoin price attempted more gains above the $42,500 resistance zone. BTC cleared the $43,500 resistance zone, but the bears were active near the $43,800 zone<\/a>.<\/p>\n

The bulls made more than two attempts to clear $43,800 but failed. A high was formed near $43,742 and the price started a fresh decline. There was a move below the $43,000 level. Besides, there was a break below a connecting bullish trend line with support near $42,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading below $42,800 and the 100 hourly Simple moving average<\/a>. A low was formed near $41,888 and the price is now consolidating losses. Immediate resistance is near the $42,350 level. It is near the 23.6% Fib retracement level of the downward move from the $43,742 swing high to the $41,888 low.<\/p>\n

The next key resistance could be $42,800 or the 50% Fib retracement level of the downward move from the $43,742 swing high to the $41,888 low, above which the price could start a decent increase. The next stop for the bulls may perhaps be $43,200.<\/p>\n

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

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

A clear move above the $43,200 resistance could send the price toward the $43,800 resistance. The next resistance is now forming near the $44,200 level. A close above the $45,000 level could push the price further higher. The next major resistance sits at $46,500.<\/p>\n

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

If Bitcoin fails to rise above the $42,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $41,800 level.<\/p>\n

The first major support is $41,200. The main support could be $40,950. If there is a close below $40,950, the price could gain bearish momentum. In the stated case, the price could dive toward the $40,000 support.<\/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 $41,800, followed by $41,200.<\/p>\n

Major Resistance Levels \u2013 $42,350, $42,800, and $43,800.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price struggled to clear the $43,750 resistance. BTC is now declining and there could be more losses if there is a move below the $41,800 level.<\/em><\/p>\n

Bitcoin price is slowly moving lower from the $43,750 resistance zone.
\nThe price is trading below $42,800 and the 100 hourly Simple moving average.
\nThere was a break below a connecting bullish trend line with support near $42,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to decline if there is a close below the $41,800 level.<\/p>\n

Bitcoin Price Starts Another Decline<\/h2>\n

Bitcoin price attempted more gains above the $42,500 resistance zone. BTC cleared the $43,500 resistance zone, but the bears were active near the $43,800 zone<\/a>.<\/p>\n

The bulls made more than two attempts to clear $43,800 but failed. A high was formed near $43,742 and the price started a fresh decline. There was a move below the $43,000 level. Besides, there was a break below a connecting bullish trend line with support near $42,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading below $42,800 and the 100 hourly Simple moving average<\/a>. A low was formed near $41,888 and the price is now consolidating losses. Immediate resistance is near the $42,350 level. It is near the 23.6% Fib retracement level of the downward move from the $43,742 swing high to the $41,888 low.<\/p>\n

The next key resistance could be $42,800 or the 50% Fib retracement level of the downward move from the $43,742 swing high to the $41,888 low, above which the price could start a decent increase. The next stop for the bulls may perhaps be $43,200.<\/p>\n

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

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

A clear move above the $43,200 resistance could send the price toward the $43,800 resistance. The next resistance is now forming near the $44,200 level. A close above the $45,000 level could push the price further higher. The next major resistance sits at $46,500.<\/p>\n

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

If Bitcoin fails to rise above the $42,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $41,800 level.<\/p>\n

The first major support is $41,200. The main support could be $40,950. If there is a close below $40,950, the price could gain bearish momentum. In the stated case, the price could dive toward the $40,000 support.<\/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 $41,800, followed by $41,200.<\/p>\n

Major Resistance Levels \u2013 $42,350, $42,800, and $43,800.<\/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-35665","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\/35665","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=35665"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35665\/revisions"}],"predecessor-version":[{"id":35670,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35665\/revisions\/35670"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35665"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}