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0.88%

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4.67%

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0.02%

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0.02%

BNB$589.56

0.94%

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2.14%

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0.02%

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0.94%

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2.11%

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0.68%

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2.67%

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5.18%

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1.01%

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0.14%

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2.66%

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2.31%

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0.35%

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1.61%

WSTETH$1,999.69

5.45%

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1.71%

USDS$1.00

0.13%

HBAR$0.16696788

0.43%

TON$2.83

1.28%

BCH$336.32

1.83%

LTC$78.17

0.46%

DOT$3.76

2.43%

WETH$1,668.86

5.46%

BTCB$84,712.19

1.02%

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0.00%

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4.50%

Bitcoin Faces Significant Drop But Future Uptrend Still Possible - Insights Revealed

Xu Lin

2024/01/04 04:59

Bitcoin Price Plummet and Recovery Analysis

BTC faced resistance near $46,000 and encountered selling pressure amid spot ETF rejection rumors.
Subsequent bearish movement led to a significant dip below $44,000 and a breach of key support levels.
A recovery initiated from a low of $39,500, with a rebound above $42,000 and $41,500 levels.

Current Bitcoin Status and Resistance Points

Trading below $43,500 and the 100-hourly Simple Moving Average.
Immediate resistance at $43,200, followed by a major barrier at $43,500 (61.8% Fib retracement level).
A close above $43,500 could signal further upward movement, targeting $44,400 and potentially $45,000.

Potential Bearish Scenarios

Failure to surpass $43,500 resistance might trigger a new decline.
Initial support around $42,000, followed by a significant level at $41,300.
Further downside could lead BTC toward $40,500 support in the short term.

Technical Indicators Overview

Hourly MACD shows a slowdown in bullish momentum.
Hourly RSI for BTC/USD indicates a position below the 50 level.

Bitcoin faced a significant drop below key levels due to resistance near $46,000 and rumors of spot ETF rejection, leading to a plunge below $44,000. While a recovery commenced from $39,500, BTC is currently struggling below $43,500 and the 100-hourly SMA. Overcoming resistance at $43,500 may push the price higher towards $44,400 and $45,000. Failure to break resistance could trigger a new decline, with initial supports at $42,000 and $41,300, potentially leading BTC toward $40,500. Technical indicators suggest a slowdown in bullish momentum, and the RSI indicates a position below 50, hinting at possible near-term challenges.