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Home»EXCHANGE NEWS»Bitcoin price soars past resistance level, is this the beginning of a new uptrend?
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Bitcoin price soars past resistance level, is this the beginning of a new uptrend?

By Crypto FlexsFebruary 8, 20243 Mins Read
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Bitcoin price soars past resistance level, is this the beginning of a new uptrend?
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Bitcoin price is rising above the $44,000 resistance level. BTC may move higher if it clears the $44,800 resistance area in the near term.

  • Bitcoin price was able to break above the resistance levels of $43,400 and $43,500.
  • The price is trading above $44,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main ascending channel with resistance at $43,650.
  • A break above the $44,800 resistance area could continue the rise.

Bitcoin price begins a new rise

Bitcoin price remained above the $42,500 level. BTC started a new rally above the $43,400 and $43,500 resistance levels. Moreover, on the hourly chart of the BTC/USD pair, it broke the main ascending channel with resistance at $43,650.

The pair surged above the $44,000 resistance zone. It traded at a new weekly high of $44,780 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level, rising from the $42,767 swing low to the $44,780 high.

Bitcoin is currently trading above $44,000 and the 100-hour simple moving average. Immediate resistance is near the $44,800 level. The next major resistance could be $45,000, above which the price could begin another significant rise. The next stop for the bulls could possibly be $45,750.

Source: TradingView.com BTCUSD

A clear break above the $45,750 resistance may lead the price to move towards the $46,500 resistance. The next resistance could be near the $47,200 level. The price could rise further above the $47,200 level. The next major resistance level is $48,500.

Fixing BTC’s shortcomings?

If Bitcoin fails to rise above the $44,800 resistance zone, a downward correction could begin. Immediate support for the downside is near the $44,300 level.

The first major support is at $43,750, which is the 50% Fib retracement level of the rise from the $42,767 swing low to the $44,780 high. The price could gain bearish momentum if it closes below $43,750. If stated, the price may plunge towards the $43,000 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 – $44,300, $43,750.

Key resistance levels – $44,800, $45,750 and $45,500.

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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