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Home»EXCHANGE NEWS»Bitcoin price is gaining strength again as bulls aim for a retest of $45,000.
EXCHANGE NEWS

Bitcoin price is gaining strength again as bulls aim for a retest of $45,000.

By Crypto FlexsJanuary 30, 20243 Mins Read
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Bitcoin price is gaining strength again as bulls aim for a retest of ,000.
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Bitcoin price is rising above the $42,500 resistance level. BTC is showing positive signs and may increase to $45,000 resistance.

  • Bitcoin price is rising above the $42,500 resistance zone.
  • The price is trading above $43,000 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 $42,150.
  • A break above the $43,800 and $44,200 resistance levels could continue the upward move for the currency pair.

Bitcoin price goes higher

Bitcoin price began a significant rise above the $41,200 resistance zone. BTC could move further into positive territory by clearing the $42,500 and $42,800 resistance levels.

The strength pushed the price above the $43,000 resistance and the price surged to $43,800. A new weekly high was established near $43,779 and the price is currently on an upward trend. It is trading above the 23.6% Fib retracement level, rising from the $41,651 swing low to the $43,779 high.

Bitcoin is currently trading above $43,000 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 $42,150. The trend line is near the 76.4% Fib retracement level rising from the $41,651 swing low to the $43,779 high.

Immediate resistance is near the $43,800 level. The next major resistance could be $44,200, above which the price could rise to test $44,500. A clear break above the $44,500 resistance may lead the price to move towards the $45,000 resistance.

Source: TradingView.com BTCUSD

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.

Are dips limited in BTC?

If Bitcoin fails to rise above the $43,800 resistance zone, a downward correction could begin. Immediate support for the downside is near the $43,200 level.

The next major support is $42,500. Key support is at $42,200 and could be a trend line. The price could gain bearish momentum if it closes below $42,200. If stated, the price may plunge towards the $40,650 support.

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 – $43,200, then $42,500.

Key resistance levels – $43,800, $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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