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Home»EXCHANGE NEWS»If Bitcoin price can sustain one important level, we could see a “upside”
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If Bitcoin price can sustain one important level, we could see a “upside”

By Crypto FlexsFebruary 2, 20243 Mins Read
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If Bitcoin price can sustain one important level, we could see a “upside”
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Bitcoin price is attempting a new rise from the $42,000 support. BTC could gain bullish momentum if it passes the $43,300 resistance area.

  • Bitcoin price is attempting a new rise above the $42,750 resistance zone.
  • The price is trading above $42,800 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a short-term ascending channel with support near $42,950.
  • Unless the price closes below the $42,350 support, the pair may continue to rise.

Bitcoin price remains supported

Bitcoin price formed a base above the $42,000 level and began a steady rise. BTC was able to break above the $42,200 and $42,500 resistance levels.

There was movement above the 50% Fib retracement level of the downward wave from the $43,740 swing high to the $41,888 low. The bulls could push the price above the $43,000 resistance. Currently, a short-term upward channel has formed on the hourly chart of the BTC/USD pair with support near $42,950.

Bitcoin is currently trading above $42,800 and the 100-hour simple moving average. Immediate resistance is near the $43,300 level. The $43,740 swing high to $41,888 low is close to the 76.4% Fib retracement level of the bearish wave.

The next major resistance could be $43,750, above which the price could begin a significant rise. The next stop on the uptrend could possibly be $44,000.

Source: TradingView.com BTCUSD

A clear break above the $44,000 resistance may lead the price to move towards the $44,200 resistance. The next resistance is now forming near the $44,500 level. Prices could rise further above the $44,500 level. The next major resistance level is $45,000.

Another drop in BTC?

If Bitcoin fails to rise above the $43,300 resistance zone, another decline could begin. Immediate support for the downside is near the $43,000 level and the channel trendline.

The first major support is at $42,800 and the hourly 100 SMA. Major support may be $42,350. The price could gain bearish momentum if it closes below $42,350. If stated, the price may plunge towards the $41,800 support level.

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 – $42,800, then $42,350.

Key resistance levels – $43,300, $43,800 and $44,500.

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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