Bitcoin Price Breaks Resistance Levels
The price of Bitcoin has successfully surpassed the resistance levels at $43,400 and $43,500. It is currently trading above $44,000 and the 100 hourly Simple Moving Average. Additionally, a significant rising channel with resistance at $43,650 was broken on the BTC/USD pair’s hourly chart.
Bitcoin Price Starts Fresh Increase
Bitcoin remained strong above the $42,500 level and initiated a fresh increase by breaking through the resistance levels at $43,400 and $43,500. Furthermore, it surpassed the $44,000 resistance zone and reached a new weekly high of $44,780 before consolidating its gains. The price is now trading above $44,000 and the 100 hourly Simple Moving Average.
Potential for Further Upside Movement
If Bitcoin manages to clear the $44,800 resistance zone, it could continue to move up. The next important resistance level to watch out for is at $45,000, which might trigger another significant increase. Bulls may target a potential stop at $45,750 as their next goal.
A clear breakthrough above the $45,750 resistance could lead to further gains towards the $46,500 and $47,200 levels. Ultimately, a close above the $47,200 level could push the price even higher towards the major resistance at $48,500.
Downside Correction Possibility
In case Bitcoin fails to rise above the $44,800 resistance zone, it might experience a downside correction. The immediate support on the downside is expected near the $44,300 level. If this support is breached, the price could gain bearish momentum and potentially drop towards the $43,000 support level.
Technical Indicators
The hourly MACD is showing an increase in bullish momentum, while the RSI for BTC/USD is currently above the 50 level.
Hot Take: Bitcoin Price Surges and Targets Key Resistance Levels
The price of Bitcoin has surged above several key resistance levels, indicating a fresh increase. With the current momentum, Bitcoin could potentially continue its upward movement if it manages to clear the next resistance zone at $44,800. Bulls have their sights set on higher targets, with $45,750 as the next stop. However, a downside correction is possible if the price fails to break through the resistance zone. Overall, Bitcoin’s price action remains bullish, and further gains are anticipated in the near future.
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