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Home»Analysis»Bitcoin Price Dives Below $40K, Can Bulls Save The Day?
Analysis

Bitcoin Price Dives Below $40K, Can Bulls Save The Day?

2024-01-22Updated:2024-01-22No Comments3 Mins Read
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Bitcoin value prolonged its decline beneath the $40,000 assist zone. BTC is consolidating losses and stays prone to extra downsides beneath $38,500.

  • Bitcoin value is gaining bearish momentum beneath the $40,500 zone.
  • The worth is buying and selling beneath $40,500 and the 100 hourly Easy transferring common.
  • There’s a connecting bearish development line forming with resistance close to $40,850 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may appropriate above $40,000 however the bears may stay energetic close to $40,500.

Bitcoin Worth Takes Hit

Bitcoin value remained in a bearish zone beneath the $42,000 assist zone. BTC bears gained energy and had been in a position to push the value beneath the $40,000 assist zone.

A brand new weekly low was fashioned close to $39,451 and the value is now consolidating losses. It’s slowly recovering above the $39,800 stage. It’s approaching the 23.6% Fib retracement stage of the latest decline from the $42,260 swing excessive to the $39,451 low.

Bitcoin is now buying and selling beneath $40,500 and the 100 hourly Easy transferring common. Speedy resistance is close to the $40,150 stage. The primary main resistance is close to the $40,850 stage. There’s additionally a connecting bearish development line forming with resistance close to $40,850 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The development line is near the 50% Fib retracement stage of the latest decline from the $42,260 swing excessive to the $39,451 low. A transparent transfer above the $40,850 resistance may ship the value towards the $41,250 resistance. The subsequent resistance is now forming close to the $42,000 stage. A detailed above the $42,000 stage may push the value additional greater. The subsequent main resistance sits at $43,000.

See also  Bitcoin Spot ETFs See 4 Consecutive Days Of Outflows, Here’s What Happened Last Time

Extra Downsides In BTC?

If Bitcoin fails to rise above the $40,850 resistance zone, it may proceed to maneuver down. Speedy assist on the draw back is close to the $39,650 stage.

The subsequent main assist is $39,500. If there’s a shut beneath $39,500, the value may acquire bearish momentum. Within the said case, the value may drop towards the $38,500 assist within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Assist Ranges – $39,500, adopted by $38,500.

Main Resistance Ranges – $40,500, $40,850, and $41,250.

Disclaimer: The article is supplied for instructional functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding selections. Use data supplied on this web site fully at your personal threat.

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