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Home»Altcoins»Bitcoin Price Consolidates Losses, Why 100 SMA Is Key to Recovery
Altcoins

Bitcoin Price Consolidates Losses, Why 100 SMA Is Key to Recovery

2024-01-16No Comments3 Mins Read
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Bitcoin price is struggling below the USD 43,500 resistance zone. BTC could fall again if it stays below the 100 hourly SMA.

  • Bitcoin price started a major decline from the USD 49,000 resistance zone.
  • The price is trading below $43,250 and the 100 hourly Simple Moving Average.
  • A major descending channel is forming with resistance near $43,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a new decline if it stays below the USD 43,250 resistance zone.

Bitcoin price turns red

Bitcoin price started a major decline from the USD 49,000 resistance zone. BTC traded below the USD 46,500 and USD 45,000 support levels to enter a short-term bearish zone.

The bears even pushed the price below the $42,500 support zone before the bulls appeared. A low was formed near USD 41,476 and the price is now consolidating losses. It recovered a few points above the USD 42,000 level. The price tested the 23.6% Fib retracement level of the key decline from the $49,000 swing high to the $41,476 low.

Bitcoin is now trading below $43,250 and the 100 hourly Simple Moving Average. A major descending channel is also forming with resistance near $43,050 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is around the $43,000 level and the channel zone. The first major resistance is $43,250, or the 100 hourly Simple Moving Average. A clear move above the USD 43,250 resistance could send the price towards the USD 44,450 resistance.

Bitcoin price

Source: BTCUSD on TradingView.com

The next resistance is now forming around the $45,250 level. It is close to the 50% Fib retracement level of the main decline from the $49,000 swing high to the $41,476 low. A close above the $45,250 level could trigger a strong surge and send the price higher. The next major resistance is at $47,000.

See also  Ethereum NFTs can be migrated to Bitcoin, but there is a catch

Lose more in BTC?

If Bitcoin fails to rise above the USD 43,250 resistance zone, it could start a new decline. The immediate downside support is near the $42,120 level.

The next major support is $41,500. If there is a close below $41,500, the price may gain bearish momentum. In the mentioned case, the price could fall towards the $40,000 support in the short term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major support levels – USD 42,120, followed by USD 41,500.

Major resistance levels – $43,050, $43,250 and $44,450.

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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Bitcoin Consolidates Key losses Price Recovery SMA
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