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Home»EXCHANGE NEWS»Bitcoin price aims higher, decoding major hurdle targets new increase.
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Bitcoin price aims higher, decoding major hurdle targets new increase.

By Crypto FlexsFebruary 6, 20243 Mins Read
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Bitcoin price aims higher, decoding major hurdle targets new increase.
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Bitcoin price is consolidating above the $42,250 support area. If BTC clears the $43,000 and $43,400 resistance levels, it could begin a significant increase.

  • Bitcoin price again failed to break the $43,400 resistance level and corrected to the downside.
  • The price is trading below $43,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major upward channel forming with support at $42,400.
  • If there is a clear move below the $42,250 support, the pair may continue to decline.

Bitcoin price maintains support

Bitcoin price made another attempt to clear the $43,400 and $43,500 resistance levels. However, BTC has struggled to extend its gains and recently began another downtrend below $43,000.

There was a move below the $42,800 support level. A low was formed near $42,320 and the price is currently consolidating losses. On the hourly chart of the BTC/USD pair, there is also a major upward channel forming with support at $42,400.

Bitcoin is currently trading below $43,000 and the 100-hour simple moving average. Immediate resistance is near the $42,900 level. The $43,489 swing high to $42,320 low is close to the 50% Fib retracement level of the bearish wave.

The next major resistance could be $43,200 and the 76.4% Fib retracement level of the bearish wave from $43,489 to the lows of $42,320, above which the price could begin a significant rise.

Source: TradingView.com BTCUSD

The next stop for the bulls could possibly be $43,500. A clear break above the $43,500 resistance may lead the price to move towards the $44,000 resistance. The next resistance is now forming near the $44,200 level. Prices could rise further above the $44,200 level. The next major resistance level is $45,000.

What are the downsides of BTC?

If Bitcoin fails to rise above the $43,000 resistance zone, another decline could begin. Immediate support for the downside is near the $42,320 level.

The first major support is at $42,250. The price could gain bearish momentum if it closes below $42,250. If stated, the price may plunge towards the $41,200 support level.

Technical indicators:

Hourly MACD – MACD is now picking up speed in bullish territory.

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

Key support levels – $42,320, then $42,250.

Key resistance levels – $43,000, $43,250 and $43,500.

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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