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Home»EXCHANGE NEWS»Bitcoin Price Rises Again – Can BTC Climb to $45,000 Again?
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Bitcoin Price Rises Again – Can BTC Climb to $45,000 Again?

By Crypto FlexsJanuary 29, 20243 Mins Read
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Bitcoin Price Rises Again – Can BTC Climb to ,000 Again?
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Bitcoin price is recovering above the $42,000 resistance level. For BTC to begin an increase towards the $45,000 resistance, it would need to clear $42,800 and $43,500.

  • Bitcoin price is rising above the $42,000 resistance zone.
  • The price is trading above $41,500 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 $41,500.
  • Clearing the $42,800 and $43,500 resistance levels could start a steady rise for the pair.

Bitcoin Price Is Aiming Higher

Bitcoin price has formed a support base above the $40,000 support zone. BTC began a significant rally above the $41,200 and $41,500 resistance levels.

It opens the door to further profits above $42,000 and the 100-hour simple moving average. Finally, the price tested the $42,800 area. A high was made near $42,800 before a slight decline. The price fell below the $42,200 level.

Bitcoin tested the 23.6% Fib retracement level rising from the $38,518 swing low to the $42,800 high. On the hourly chart of the BTC/USD pair, there is also a major bullish trend line forming with support near $41,500.

The price is currently trading above $41,500 and the 100-hour simple moving average. Immediate resistance is near the $42,500 level. The next major resistance could be $42,800, above which the price could rise to test $43,500.

Source: TradingView.com BTCUSD

A clear break above the $43,500 resistance level could lead the price to move towards the $44,250 resistance level. The next resistance is currently forming near $45,000. Prices could go higher beyond the $45,000 level. The next major resistance level is $46,500.

Another drop in BTC?

If Bitcoin fails to rise above the $42,800 resistance zone, another decline could begin. Immediate support for the downside is near the $41,750 level.

The next major support level is $41,500, which is the trend line. The price could gain bearish momentum if it closes below $41,500. If indicated, the price may plunge towards the $40,650 support or the 50% Fib retracement level of the rise from the $38,518 low to the $42,800 high.

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 – $41,500, then $40,650.

Key resistance levels – $42,800, $43,500 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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