Bitcoin Price Rebounds and Starts an Upward Movement
The price of Bitcoin has tested the $41,650 zone and has now begun a fresh increase. It is currently trading above $43,000 and the 100 hourly Simple Moving Average. Additionally, there was a break above a connecting bearish trend line with resistance near $43,350 on the BTC/USD pair’s hourly chart from Kraken.
This surge in price may continue towards the main resistance at $44,300.
Bitcoin Price Rebounds and Starts an Upward Movement
The price of Bitcoin has tested the $41,650 zone and has now begun a fresh increase. It is currently trading above $43,000 and the 100 hourly Simple Moving Average. Additionally, there was a break above a connecting bearish trend line with resistance near $43,350 on the BTC/USD pair’s hourly chart from Kraken.
This surge in price may continue towards the main resistance at $44,300.
Bitcoin Price Finds Support and Initiates a Rally
Bitcoin’s price found support above the $41,500 level and started an upward movement from its low of $41,637. The cryptocurrency experienced a steady increase above the $42,500 resistance zone.
On the BTC/USD pair’s hourly chart, there was also a break above a connecting bearish trend line with resistance near $43,350. Moreover, it climbed above the 61.8% Fibonacci retracement level of its previous downward move from the swing high of $44,429 to the low of $41,636.
Bitcoin is currently trading above $43,000 and its 100 hourly Simple Moving Average. The immediate resistance lies around $43,780, which is close to the 76.4% Fibonacci retracement level of its previous downward move.
Potential Resistance and Further Upside
The first major resistance level for Bitcoin is at $44,000, followed by the main hurdle at $44,300. If the price manages to close above this resistance, it could potentially rise towards the $45,000 level. The next key resistance is near $45,500, and if surpassed, Bitcoin may climb even higher towards the $46,500 level.
Possible Rejection and Downside Risk
If Bitcoin fails to break above the $44,000 resistance zone, it might experience a fresh decline. The immediate support on the downside can be found near the $43,350 level.
The next major support sits at approximately $42,750. A move below this level could lead to further losses and push the price towards the $42,000 support in the near future.
Technical Indicators
The hourly MACD indicator shows that it is gaining momentum in the bullish zone. Additionally, the RSI (Relative Strength Index) for BTC/USD is currently above the 50 level.
Hot Take: Bitcoin Price Rebounds and Shows Potential for Further Upside Movement
Bitcoin has managed to find support and initiate a rally after testing the $41,650 zone. With a break above key resistance levels and trading above the 100 hourly Simple Moving Average, there is potential for further upside movement. The cryptocurrency may continue to surge towards its main resistance at $44,300. However, if it fails to break above the $44,000 resistance zone, a fresh decline could occur with immediate support around $43,350. Technical indicators suggest bullish momentum with increasing MACD and an RSI above 50. Overall, Bitcoin’s price movement indicates a positive outlook, but caution should be exercised in case of a rejection at resistance levels.
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