Bitcoin Price Takes Major Hit But Uptrend Far From Over

Bitcoin Price Takes Major Hit But Uptrend Far From Over – Here’s Why

Jan 4, 2024 04:00 am Cryptocurrency 85

Bitcoin price started a major drop below $44,000 after rumors of spot ETF rejection. BTC dived over 10%, but the bulls are still protecting the $40,000 support.

Bitcoin declined heavily and even spiked below the $40,000 level.

The price is trading below $43,500 and the 100 hourly Simple moving average.

There was a break below a key bullish trend line with support near $43,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a fresh increase if there is a close above the $43,500 resistance zone.

Bitcoin Price Dives Over 10%

Bitcoin price struggled to gain pace for a move above the $46,000 resistance level. BTC found a strong selling interest and then rumors of spot ETF rejection hit market.

It sparked bearish moves and the price tumbled below the $44,000 level. There was a break below a key bullish trend line with support near $43,200 on the hourly ..

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