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Home»EXCHANGE NEWS»Bitcoin Price Approaches Breakout – Why BTC Could Rise 10%
EXCHANGE NEWS

Bitcoin Price Approaches Breakout – Why BTC Could Rise 10%

By Crypto FlexsDecember 22, 20233 Mins Read
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Bitcoin Price Approaches Breakout – Why BTC Could Rise 10%
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Bitcoin price is on the rise and is trading above the $44,000 resistance level. BTC could continue rising if it breaks out of the $44,500 and $45,000 resistance levels.

  • Bitcoin began a significant rally above the $43,500 resistance zone.
  • The price is trading above $43,500 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trend line forming with support near $43,800.
  • A strong rally could begin if the price closes above $44,300 and $44,500.

Bitcoin Price Is Aiming Higher

Bitcoin price stabilized above the $43,500 resistance zone and moved further into the bullish zone. BTC has overcome many hurdles and even surged above the $44,000 level.

The $44,300 resistance zone was tested. The highest price was reached around $44,300 and the price is currently continuing its upward trend. The price was revised a few points below the $44,100 level. However, it is stable above the 23.6% Fib retracement level, rising from the $41,820 swing low to the $44,300 high.

Bitcoin is currently trading above $43,500 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 $43,800.

On the other hand, immediate resistance is close to the $44,200 level. The first major resistance is forming near $44,300 and $44,500. A close above the $44,500 resistance could initiate a strong rebound and the price may break above the $45,000 resistance.

Source: TradingView.com BTCUSD

The next major resistance could be near $46,500, above which BTC could rise towards the $47,200 level. If more profits are made, the price could rise to $48,000.

A new decline in BTC?

If Bitcoin fails to rise above the $44,300 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $43,800 level and trend line.

The next major support is near $42,750 or the 61.8% Fib retracement level of the upward move from the $41,820 swing low to the $44,300 high. A drop below $42,750 risks further losses. If indicated, the price may fall towards the $42,200 support in the near term.

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 – $43,800, then $42,750.

Key resistance levels – $44,300, $44,500 and $45,000.

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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