Bitcoin price is facing another rejection, which is why BTC is at risk ahead of the new year

Bitcoin price once again failed to clear the $44,000 resistance zone. BTC is declining and could be at risk of falling below the $41,500 level.

• Bitcoin is slowly moving lower from the $43,800 resistance zone.
• The price is below $43,000 and the 100 hourly simple moving average.
• A key bearish trend line is forming with resistance near $42,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could fall further if it stays below the $43,000 level.

Bitcoin price takes a hit

Bitcoin price made a fresh attempt to break above the $43,200 mark. BTC climbed above the $43,500 level but struggled to reach the $44,000 resistance zone.

A high was formed at $43,792 and the price started falling again. A clear inverted V pattern formed and the price fell below the $43,200 level. The bears managed to push the price below the 50% Fib retracement level of the upward move from the swing low $41,637 to the low $43,792.

Bitcoin is currently trading below $43,000 and the 100 hourly simple moving average. It is also consolidating below the 61.8% Fib retracement level of the upward move from the $41,637 swing low to $43,792 low.

On the other side, the immediate resistance is near the $42,500 level. A key bearish trend line is also forming with resistance near $42,550 on the hourly chart of the BTC/USD pair. The first major resistance is at $43,000. A close above the $43,000 level could push the price further higher.

Source: BTCUSD on TradingView.com

The main hurdle is $43,250. A close above the $43,250 resistance level could initiate a decent move towards the $43,800 level. The next key resistance could be around $44,000, above which BTC could rise towards the $45,000 level.

More losses on BTC?

If Bitcoin fails to rise above the $43,000 resistance zone, another downtrend could occur. The immediate downside support is near the $42,150 level.

The next major support is at $41,650. There is a risk of further losses if it falls below $41,650. In the mentioned case, the price could fall towards the $40,500 support in the short term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Key Support Levels – $42,150 followed by $41,650.

Major resistance levels – $42,550, $43,000 and $43,800.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers