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Home»EXCHANGE NEWS»Bitcoin price moves higher, but $43,000 is key to further gains
EXCHANGE NEWS

Bitcoin price moves higher, but $43,000 is key to further gains

By Crypto FlexsDecember 14, 20233 Mins Read
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Bitcoin price moves higher, but ,000 is key to further gains
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Bitcoin price has formed a base above the $40,000 support zone. BTC is currently struggling to break the $43,000 resistance zone and consolidate.

  • Bitcoin started a new increase from the $40,000 support base.
  • The price is trading above $42,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above a bearish trend line connecting with resistance near $41,050.
  • If there is a clear move above the $43,000 resistance, the pair may continue to rise.

Bitcoin price gains strength again

Bitcoin price remained above the $40,000 support zone. BTC formed a base and recently broke above the $41,000 resistance level to start a new rally.

On the hourly chart of the BTC/USD pair, a breakout occurred above a bearish trend line connecting with resistance near $41,050. The pair held strength above the 50% Fib retracement level of the major decline from the $44,699 swing high to the $39,999 low.

Finally, the price tested the $43,000 resistance area. Bitcoin surged above the 61.8% Fib retracement level of the key decline from the $44,699 swing high to the $39,999 low.

BTC is currently trading above $42,000 and the 100-hour simple moving average. Meanwhile, immediate resistance is close to the $43,200 level. The first major resistance is forming near $43,500. A break above the $43,500 resistance could begin a steady rise.

Source: TradingView.com BTCUSD

The next major resistance could be near $44,500, above which BTC could rise towards the $45,000 level. A clear break above the $45,000 level could set the $46,500 testing rate.

Another drop in BTC?

If Bitcoin fails to rise above the $43,200 resistance zone, another decline could begin. Immediate support for the downside is near the $42,500 level and the 100-hourly simple moving average.

The next major support is near $42,000, below which the price could test the $41,200 area. A drop below $41,200 risks further losses. If indicated, the price may decline towards the $40,000 support level in the near term.

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 – $42,500, then $42,000.

Key resistance levels – $43,200, $44,000 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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