Bitcoin Price Consolidates Losses, Why 100 SMA Is The Key To Recovery

Jan 16, 2024 04:00 am Cryptocurrency 204

Bitcoin price is struggling below the $43,500 resistance zone. BTC could start another decline if it stays below the 100 hourly SMA.

Bitcoin price started a major decline from the $49,000 resistance zone.

The price is trading below $43,250 and the 100 hourly Simple moving average.

There is a key declining channel forming with resistance near $43,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a fresh decline if it stays below the $43,250 resistance zone.

Bitcoin Price Turns Red

Bitcoin price started a major decline from the $49,000 resistance zone. BTC traded below the $46,500 and $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 $41,476 and the price is now consolidating losses. It recovered a few points above the $42,000 level. The price tested the 23.6% Fib retracement ..

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