Bitcoin continues to struggle below the $45,000 resistance. According to technical analysis by NewsBTC’s Aayush Jindal, it must stay above $43,180 to avoid a sharp drop in the near term.
Bitcoin Stuck Under $45,000
Bitcoin failed to test the $45,000 resistance and started a downside correction. BTC declined below the $44,000 support level. There was a break below the 23.6% Fib retracement level of the upward move from the $41,574 high to $44,770 high. However, the price is still trading above $43,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $43,800 on the hourly chart of the BTC/USD pair.
Initial resistance is near the $44,450 level. The next key resistance is near the $44,800 level or the $44,700 top. The main resistance is still around $45,000. A clear move above the $45,000 resistance zone could start a decent uptrend. The next major resistance is near $45,500, above which the price could rise towards the $46,800 level.
Will Bitcoin Drop?
Jindal says that if Bitcoin fails to continue rising above the $44,500 resistance zone, it may continue to move lower. An immediate support on the downside is near the $43,800 zone and the trend line. The next major support is seen near the $43,180 level. This is close to the 50% Fib retracement level of the upward move from the $41,574 high to $44,770 high. If there is a downside break below the $43,180 support zone, the price could gain bearish momentum for a move to $42,400.
What Do Technical Indicators Say?
- Hourly MACD – The MACD is now losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.
- Major Support Levels – 43,800 followed by $43,180
- Major Resistance Levels – 44,400, 44,800 and $45,000
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