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Home»EXCHANGE NEWS»Bitcoin Bulls Keep Pushing On and Why the Increase Isn’t Over Yet
EXCHANGE NEWS

Bitcoin Bulls Keep Pushing On and Why the Increase Isn’t Over Yet

By Crypto FlexsJanuary 31, 20243 Mins Read
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Bitcoin Bulls Keep Pushing On and Why the Increase Isn’t Over Yet
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Bitcoin price is attempting a new rise above the $42,500 resistance level. BTC is showing bullish signs and may rise further above the $43,800 resistance.

  • Bitcoin price is solidifying its upward trend above the $42,500 resistance zone.
  • The price is trading above $42,750 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trendline forming with support near $42,650.
  • A break above the $43,250 and $43,800 resistance levels could continue the upward move for the currency pair.

Bitcoin price is holding steady

Bitcoin price began a significant rise above the $42,000 resistance zone. BTC was able to clear the $42,500 and $43,200 resistance levels. However, the bears were active near $43,800.

A new weekly high was formed near $43,779 before the price began a short-term downward correction. It fell below the $43,200 level. It broke the 23.6% Fib retracement level of the bullish wave from the $41,650 swing low to the $43,779 high.

Bitcoin is currently trading above $42,750 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a major bullish trend line forming with support near $42,650. The trend line is near the 61.8% Fib retracement level of the rising wave from the $41,650 swing low to the $43,779 high.

Immediate resistance is near the $43,250 level. The next major resistance could be $43,800, above which the price could begin a significant rise. The next stop for the bulls could possibly be $44,500.

Source: TradingView.com BTCUSD

A clear break above the $44,500 resistance may lead the price to move towards the $45,000 resistance. The next resistance is now forming near the $45,200 level. Prices could rise further above the $45,200 level. The next major resistance level is $46,500.

Another decline in BTC?

If Bitcoin fails to rise above the $43,800 resistance zone, it may continue to fall. Immediate support for the downside is near the $42,800 level.

The next major support level is $42,650 or the trend line. Major support is at $42,400 and could be the 100 hourly SMA. The price could gain bearish momentum if it closes below $42,400. If stated, the price may plunge towards the $41,200 support level.

Technical indicators:

Hourly MACD – MACD is now losing speed in bullish territory.

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

Key support levels – $42,650, then $42,400.

Key resistance levels – $43,250, $43,800 and $44,500.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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