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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin (BTC) Price Remains Vulnerable Below $4,000

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin price rebounded nicely from the $3,875 support area against the US Dollar.
  • The price traded above the $3,950 level, but it seems to be struggling near the $4,000 resistance.
  • There is a major bearish trend line in place with resistance at $4,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains at a risk of a fresh drop as long as it is below the $4,000 and $4,040 resistance.

Bitcoin price is facing a significant resistance near $4,000 against the US Dollar. BTC could decline once again if buyers continue to face hurdles near $4,000 in the near term.

Bitcoin Price Analysis

Recently, we saw a sharp decline in bitcoin price below the $3,950 and $3,900 supports against the US Dollar. The BTC/USD pair found support near the $3,875 level and later bounced back. Buyers gained control and pushed the price above the $3,900 and $3,950 levels. There was also a break above the 50% Fib retracement level of the last drop from the $4,065 high to $3,875 swing low. However, the price failed to gain strength above the $4,000 resistance and the 100 hourly simple moving average.

There was also a rejection near the 61.8% Fib retracement level of the last drop from the $4,065 high to $3,875 swing low. Moreover, there is a major bearish trend line in place with resistance at $4,000 on the hourly chart of the BTC/USD pair. The pair is clearly facing a strong resistance near the $4,000 level. If buyers succeed in surpassing the $4,000 resistance, the next key resistances are near $4,020 and $4,040.

On the other hand, if the price fails to climb above $4,000, it could start a fresh decline. An initial support is near $3,970 and the 23.6% Fib retracement level of the last wave from the $3,873 low to $4,000 high. However, the main support is near the $3,940 level. It represents the 50% Fib retracement level of the last wave from the $3,873 low to $4,000 high. Any further losses could take the price towards the key $3,875 support level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price seems to be struggling near the $4,000 resistance. If it continues to struggle, there is a risk of another drop below the $3,940 and $3,900 support levels in the near term. On the upside, the main hurdles are near $4,000, $4,020 and $4,040.

Technical indicators:

Hourly MACD – The MACD is currently in the bearish zone, with negative signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has moved below the 50 level and it could extend its slide.

Major Support Levels – $3,970 followed by $3,940.

Major Resistance Levels – $4,000, $4,020 and $4,040.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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