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Home»EXCHANGE NEWS»Bitcoin price has regained the 100 SMA, but can bulls overcome this hurdle?
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Bitcoin price has regained the 100 SMA, but can bulls overcome this hurdle?

By Crypto FlexsFebruary 7, 20243 Mins Read
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Bitcoin price has regained the 100 SMA, but can bulls overcome this hurdle?
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Bitcoin price is consolidating above the $42,500 support area. BTC could gain bullish momentum if it passes the $43,500 resistance zone.

  • Bitcoin price is still struggling to break the resistance levels of $43,400 and $43,500.
  • The price is trading above $42,500 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 $42,450.
  • A break out of the $43,500 resistance area could lead to a significant upside for the currency pair.

Bitcoin Price Is Aiming Higher

Bitcoin price formed a base above the $41,800 level and began a steady rise. BTC was able to clear the $42,200 and $42,500 resistance levels.

We also brought back the 100-hour simple moving average. The price crossed the 50% Fib retracement level moving down from the $43,488 swing high to the $42,320 low. The bulls even pushed the price above the $43,000 level.

However, the bears appear to be active near the $43,200 level. This is close to the 76.4% Fib retracement level of the downward move from the $43,488 swing high to the $42,320 low.

Bitcoin is currently trading above $42,650 and the 100-hour simple moving average. Immediate resistance is near the $43,200 level. The next major resistance could be $43,500, above which the price could begin a significant rise. The next stop for the bulls could possibly be $44,200.

Source: TradingView.com BTCUSD

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

Another drop in BTC?

If Bitcoin fails to rise above the $43,500 resistance zone, another decline could begin. Immediate support on the downside is near the $42,900 level and 100-hourly SMA.

The first major support is at $42,450 and is the channel trend line. The price could gain bearish momentum if it closes below $42,450. If stated, the price may plunge towards the $41,800 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 above the 50 level.

Key support levels – $42,900, then $42,450.

Key resistance levels – $43,200, $43,400 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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