Bitcoin price is on the rise and recently broke the resistance level of $43,500. BTC is still on a strong upward trajectory and has the potential to rise above $45,000.
- Bitcoin continued its upward trend and surpassed the $43,500 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 connecting bullish trendline forming with support near $43,100.
- The pair may continue to rise if the closing price passes $44,500 and $45,000.
Bitcoin price gains strength again
Bitcoin price remained stable above the $42,000 resistance zone. BTC gained bullish momentum and broke above the $43,000 resistance zone. It even broke the key $43,500 barrier.
Finally, the price tested the $44,300 level. A high was made near $44,300 and the price is currently correcting to the upside. It fell slightly below the $44,000 level. The price recently fell below the 23.6% Fib retracement level from the $41,828 swing low to the $44,300 high.
Bitcoin is currently trading above $43,000 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is also a connecting bullish trend line forming with support near $43,100.
Current price action and recent breakout call for more profits. Meanwhile, immediate resistance is close to the $44,000 level. The first major resistance is forming near $44,300 and $44,500. A break above the $44,500 resistance could set the pace for an advance above $45,000.
Source: TradingView.com BTCUSD
The next major resistance could be near $46,500, above which BTC could rise towards the $47,200 level. The bulls’ next major target could be $48,000.
Another drop in BTC?
If Bitcoin fails to rise above the $44,500 resistance zone, it may continue to fall. Immediate support for the downside is near the $43,200 level.
The next major support is near $43,000 or the 50% Fib retracement level of the recent increase from the $41,828 swing low to the $44,300 high. A move below $43,000 risks further losses. If indicated, the price may fall towards the $42,000 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 level – $43,100, then $43,000.
Key resistance levels – $44,300, $44,500 and $45,000.
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