Bitcoin Price Plunge Imminent as Bears Protect Key Resistance

Jan 8, 2024 04:00 am Cryptocurrency 190

Bitcoin price is still struggling to clear the $44,500 and $44,700 resistance levels. BTC is showing a few bearish signs and might drop toward $42,150.

Bitcoin is facing a major hurdle near the $44,500 resistance zone.

The price is trading below $44,000 and the 100 hourly Simple moving average.

There was a break below a key bullish trend line with support at $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could decline toward the $42,350 and $42,150 support levels.

Bitcoin Price Faces Hurdles

Bitcoin price attempted a fresh increase above the $43,500 resistance zone. BTC even broke the $43,800 resistance zone but the bears were active near the $44,500 resistance zone.

There were a few attempts to gain strength above $44,500, but the bears remained active. A high was formed near $44,483 and the price is now showing a few bearish signs. There was a drop below the $44,000 support zone. The price ..

Support the originator by clicking the read the rest link below.