Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin Price Rejects $43.5K, Why BTC Could Tumble In Short-Term

Bitcoin Price Rejects $43.5K, Why BTC Could Tumble In Short-Term

Newsbtc-btc2023/12/28 11:28
By:Aayush Jindal

Bitcoin price attempted a fresh upside break above the $43,500 resistance. BTC failed and corrected lower to test the $41,800 support zone.

  • Bitcoin is correcting gains from the $43,500 resistance zone.
  • The price is trading above $42,000 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance near $42,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down if there is a move below the $41,650 support.

Bitcoin Price Drops Again

Bitcoin price gained pace above the $42,000 resistance zone. BTC even climbed above the $43,000 level, but it faced a strong rejection near $43,500. It seems like the price failed again to clear the $43,500 zone .

A high was formed near $43,464 and the price started a fresh decline. There was a move below the $42,800 and $42,500 support levels. The price even spiked below the 50% Fib retracement level of the upward wave from the $40,514 swing low to the $43,464 high.

Bitcoin found support near the $41,800 level. It is now trading above $42,000 and the 100 hourly Simple moving average . The price is also stable above the 61.8% Fib retracement level of the upward wave from the $40,514 swing low to the $43,464 high.

On the upside, immediate resistance is near the $42,600 level. There is also a connecting bearish trend line forming with resistance near $42,600 on the hourly chart of the BTC/USD pair.

The first major resistance is forming near $43,000. The main resistance is still near the $43,500 zone. A close above the $43,500 resistance might start a steady increase. The next key resistance could be near $44,500, above which BTC could rise toward the $45,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $42,650 resistance zone, it could continue to move down. Immediate support on the downside is near the $42,000 level.

The next major support is near $41,650. If there is a move below $41,650, there is a risk of more losses. In the stated case, the price could drop toward the $40,500 support in the near term.

Technical indicators:

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

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

Major Support Levels – $42,000, followed by $41,650.

Major Resistance Levels – $42,650, $43,000, and $43,500.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Bitcoin Whales Hit Record High in Accumulation

The number of addresses holding over 100 BTC has reached an all-time high, signaling strong whale accumulation.What Does Whale Accumulation Mean for the Market?Is the Market Preparing for the Next Bull Run?

Coinomedia2025/08/27 08:10
Bitcoin Whales Hit Record High in Accumulation

CRO Surges 26% After Trump Media Unveils CRO DAT

$CRO jumps 26.6% after Trump Media Group announces plans to launch CRO DAT platform.CRO Soars as Trump Media Announces New PlatformWhat Is CRO DAT and Why It MattersMarket Reactions and What’s Next

Coinomedia2025/08/27 08:10
CRO Surges 26% After Trump Media Unveils CRO DAT

Altcoins Mirror 2018–2021 Setup for Supercycle

Altcoins show a double bottom with MACD flip, echoing the 2018–2021 supercycle that delivered 15x gains.Altcoins Repeat Familiar Bullish PatternWhy This Setup Looks Stronger NowWill Altcoins Deliver Another 15x?

Coinomedia2025/08/27 08:10
Altcoins Mirror 2018–2021 Setup for Supercycle

Chainlink Closes in on Hyperliquid in Market Cap Race

Chainlink ($LINK) is catching up to Hyperliquid ($HYPE) in market cap. Here's what it means for both tokens.Chainlink Market Cap Nears HyperliquidWhat’s Fueling the Surge?Could Chainlink Take the Lead?

Coinomedia2025/08/27 08:10
Chainlink Closes in on Hyperliquid in Market Cap Race