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Home»EXCHANGE NEWS»Will the Bitcoin price upward trend continue? This may be a factor to note
EXCHANGE NEWS

Will the Bitcoin price upward trend continue? This may be a factor to note

By Crypto FlexsDecember 15, 20233 Mins Read
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Will the Bitcoin price upward trend continue?  This may be a factor to note
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Bitcoin price is attempting a new rise above the $42,200 level. BTC could surge if it breaks out of the $43,350 resistance area in the near term.

  • Bitcoin started a new rally above the $42,000 support zone.
  • The price is trading above $42,200 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trend line forming with support near $42,400.
  • If there is a clear move above the $43,350 resistance, the pair may continue to rise.

Bitcoin Price Is Aiming Higher

Bitcoin price began a significant rise above the $41,500 level. BTC was able to break through the $42,000 resistance zone and enter the positive zone. The rally could push the price above $43,000.

However, the price appears to be struggling around $43,350. The highest price was reached around $43,421 and the price is currently on an upward trend. There was a sharp downward correction below the $42,500 level. The price surged below the 50% Fib retracement level, rising from the $40,606 swing low to the $43,421 high.

However, bulls were active near $41,500. They protected the 61.8% Fib retracement level of the upward move from the $40,606 swing low to the $43,421 high.

Bitcoin is currently trading above $42,200 and the 100-hour simple moving average. Moreover, on the hourly chart of the BTC/USD pair, there is a major bullish trend line forming with support near $42,400. On the other hand, immediate resistance is close to the $43,300 level.

Source: TradingView.com BTCUSD

The first major resistance is forming near $43,350. A break above the $43,350 resistance could begin a steady rise. The next major resistance could be near $44,200, 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 $43,350 resistance zone, another decline could begin. Immediate support for the downside is near the $42,400 level and trendline.

The next major support is near $42,000 and the 100-hour simple moving average, below which the price may test the $41,500 area. A drop below $41,500 risks further losses. If indicated, the price may fall towards the $40,600 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 – $42,400, then $42,000.

Key resistance levels – $43,350, $44,200 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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