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

Dec 20, 2023 04:00 am Cryptocurrency 67

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 ..

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