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Bitcoin Price Faces Uphill Task, Risk of Additional Losses Below $42K Looms

January 22, 2024
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Bitcoin value remains to be struggling beneath the $43,250 resistance zone. BTC stays liable to extra downsides if it stays beneath $43,500 for a very long time.

Bitcoin value remains to be buying and selling in a variety from the $41,500 zone.
The value is buying and selling beneath $43,250 and the 100 hourly Easy shifting common.
There was a break beneath a key rising channel with assist close to $42,880 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair is now liable to extra downsides beneath the $41,500 assist zone.

Bitcoin Worth Turns Purple

Bitcoin value began a consolidation part from the $41,500 zone. BTC recovered a couple of factors, however the bears have been lively close to the $43,250 and $43,500 ranges.

The final swing excessive was close to $43,568 earlier than the value began a recent decline. There was a transparent transfer beneath the $43,000 stage. Apart from, there was a break beneath a key rising channel with assist close to $42,880 on the hourly chart of the BTC/USD pair.

Bitcoin is now buying and selling beneath $43,250 and the 100 hourly Easy shifting common. It’s once more trying a restoration wave above the $42,500 stage.

On the upside, the value is dealing with resistance close to the $42,800 stage. It’s near the 50% Fib retracement stage of the current decline from the $43,568 swing excessive to the $42,190 low. The primary main resistance is $43,000. The principle resistance is now forming close to the $43,250 stage.

Supply: BTCUSD on TradingView.com

The 76.4% Fib retracement stage of the current decline from the $43,568 swing excessive to the $42,190 low can also be close to $43,250. A transparent transfer above the $43,250 resistance might ship the value towards the $44,000 resistance. The subsequent resistance is now forming close to the $44,250 stage. A detailed above the $44,250 stage might push the value additional greater. The subsequent main resistance sits at $45,000.

Extra Losses In BTC?

If Bitcoin fails to rise above the $43,250 resistance zone, it might begin a recent decline. Speedy assist on the draw back is close to the $42,120 stage.

The subsequent main assist is $41,450. If there’s a shut beneath $41,450, the value might acquire bearish momentum. Within the acknowledged case, the value might drop towards the $40,000 assist within the close to time period.

Technical indicators:

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

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

Main Assist Ranges – $42,120, adopted by $41,450.

Main Resistance Ranges – $43,000, $43,250, and $44,000.

Disclaimer: The article is supplied for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding choices. Use data supplied on this web site totally at your personal danger.



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Tags: 42KAdditionalBitcoinFacesLoomslossesPriceRiskTaskUphill
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