{"id":481581,"date":"2022-01-20T03:08:04","date_gmt":"2022-01-20T03:08:04","guid":{"rendered":"https:\/\/wncen.com\/?p=481581"},"modified":"2024-06-11T09:26:09","modified_gmt":"2024-06-11T09:26:09","slug":"bitcoin-needs-to-clear-42500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-needs-to-clear-42500\/","title":{"rendered":"TA: Why Bitcoin Needs To Clear $42,500 For Hopes of a Fresh Rally"},"content":{"rendered":"<p><em>Bitcoin found support near the $41,200 zone against the US Dollar. BTC must clear $42,500 to start a recovery wave in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin extended decline and tested the $41,200 support zone.<\/li>\n<li>The price is still trading below $42,500 and the 100 hourly simple moving average.<\/li>\n<li>There is a major bearish trend line forming with resistance near $42,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a decent recovery if there is a clear move above the $42,500 resistance.<\/li>\n<\/ul>\n<h2>Bitcoin Price Faces Hurdles<\/h2>\n<p>Bitcoin price struggled to start a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-reaches-key-juncture-42800\/\" target=\"_blank\" rel=\"noopener \">decent recovery wave<\/a> and extended decline below $42,000. BTC even broke the $41,500 support level and settled below the 100 hourly simple moving average.<\/p>\n<p>A low was formed near $41,159 and the price is now correcting higher. There was a move above the $41,800 resistance zone. The price climbed above the 23.6% Fib retracement level of the main decline from the $43,800 swing high to $41,159 low.<\/p>\n<p>On the upside, an initial resistance is near the $42,400 level and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-case-move-below-40k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. Besides, there is a major bearish trend line forming with resistance near $42,450 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The trend line is close to the 50% Fib retracement level of the main decline from the $43,800 swing high to $41,159 low. An upside break above the trend line resistance could start a steady recovery wave above $42,500.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-13.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-481582\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-13.png?resize=1950%2C1113\" alt=\"Bitcoin Price\" width=\"1950\" height=\"1113\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-13.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-13.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-13.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-13.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-13.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-13.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-13.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The next key resistance is near the $43,000 level, above which the bulls might aim a test of $43,500. Any more gains may perhaps call for a test of the $44,500 resistance zone.<\/p>\n<h2>Fresh Drop in BTC?<\/h2>\n<p>If bitcoin fails to start a fresh increase above $42,500, it could start a fresh decline. An immediate support on the downside is near the $41,600 zone.<\/p>\n<p>The first major support is seen near the $41,200 zone. A downside break below the $41,200 support zone may perhaps spark another major decline. The next major support is near $40,500, below which the price could even decline below the $40,000 zone.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $41,600, followed by $41,200.<\/p>\n<p>Major Resistance Levels \u2013 $42,400, $42,500 and $43,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin found support near the $41,200 zone against the US Dollar. BTC must clear $42,500 to start a recovery wave in the near term. Bitcoin extended decline and tested the $41,200 support zone. The price is still trading below $42,500 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $42,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a decent recovery if there is a clear move above the $42,500 resistance. Bitcoin Price Faces Hurdles Bitcoin price struggled to start a decent recovery wave and extended decline below $42,000. BTC even broke the $41,500 support level and settled below the 100 hourly simple moving average. A low was formed near $41,159 and the price is now correcting higher. There was a move above the $41,800 resistance zone. The price climbed above the 23.6% Fib retracement level of the main decline from the $43,800 swing high to $41,159 low. On the upside, an initial resistance is near the $42,400 level and the 100 hourly simple moving average. Besides, there is a major bearish trend line forming with resistance near $42,450 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the main decline from the $43,800 swing high to $41,159 low. An upside break above the trend line resistance could start a steady recovery wave above $42,500. Source: BTCUSD on TradingView.com The next key resistance is near the $43,000 level, above which the bulls might aim a test of $43,500. Any more gains may perhaps call for a test of the $44,500 resistance zone. Fresh Drop in BTC? If bitcoin fails to start a fresh increase above $42,500, it could start a fresh decline. An immediate support on the downside is near the $41,600 zone. The first major support is seen near the $41,200 zone. A downside break below the $41,200 support zone may perhaps spark another major decline. The next major support is near $40,500, below which the price could even decline below the $40,000 zone. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is above the 50 level. Major Support Levels \u2013 $41,600, followed by $41,200. Major Resistance Levels \u2013 $42,400, $42,500 and $43,500.<\/p>\n","protected":false},"author":67,"featured_media":457600,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-481581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Why Bitcoin Needs To Clear $42,500 For Hopes of a Fresh Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin found support near the $41,200 zone against the US Dollar. 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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. 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.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Why Bitcoin Needs To Clear $42,500 For Hopes of a Fresh Rally","url":"http:\/\/wncen.com\/news\/bitcoin-needs-to-clear-42500\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-needs-to-clear-42500\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/shutterstock_481530088.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/shutterstock_481530088.jpg?fit=1000%2C683"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2022-01-20T03:08:04Z","datePublished":"2022-01-20T03:08:04Z","dateModified":"2024-06-11T09:26:09Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Why Bitcoin Needs To Clear $42,500 For Hopes of a Fresh Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-needs-to-clear-42500\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-needs-to-clear-42500\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/shutterstock_481530088.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/shutterstock_481530088.jpg?fit=1000%2C683\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2022-01-20T03:08:04Z\",\"datePublished\":\"2022-01-20T03:08:04Z\",\"dateModified\":\"2024-06-11T09:26:09Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/shutterstock_481530088.jpg?fit=1000%2C683","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/481581"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=481581"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/481581\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/457600"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=481581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=481581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=481581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}