Bitcoin Breaks Resistance and Enters Bullish Zone
The price of Bitcoin has made a significant increase above the $43,500 resistance zone, indicating a bullish trend. Currently, it is trading above $43,500 and the 100 hourly Simple Moving Average (SMA). On the hourly chart of the BTC/USD pair, there is a key bullish trend line with support near $43,800.
Bitcoin Price Consolidates Gains
After breaking multiple hurdles and reaching above $44,000, Bitcoin tested the $44,300 resistance zone. Although it corrected below $44,100, it remains stable above the 23.6% Fib retracement level of the upward move from the swing low of $41,820 to the high of $44,300. The price is now consolidating gains and has immediate resistance near the $44,200 level.
Potential for Strong Rally
If Bitcoin manages to close above the resistance levels at $44,300 and $44,500, it could initiate a strong rally. This rally may lead to clearing the $45,000 resistance level. The next key resistance levels are at $46,500 and $47,200. Further gains could potentially push the price toward $48,000.
Possible Decline in Bitcoin Price
In case Bitcoin fails to rise above the resistance zone at $44,300, a fresh decline might occur. The immediate support lies near the trend line and the $43,800 level. If there is a move below $42,750 (61.8% Fib retracement level), there is a risk of further losses with a potential drop toward the $42,200 support level in the near term.
Technical Indicators and Key Levels
The MACD indicator on the hourly chart is gaining momentum in the bullish zone, while the RSI for BTC/USD is above the 50 level. The major support levels are at $43,800 and $42,750, with major resistance levels at $44,300, $44,500, and $45,000.
Hot Take: Bitcoin Set to Continue Bullish Momentum
Bitcoin has successfully broken through key resistance levels and entered a bullish zone. With the price consolidating gains and potential for a strong rally, there is optimism for further upward movement. However, a decline is possible if Bitcoin fails to overcome the resistance zone. Technical indicators show positive signs for Bitcoin’s price. Overall, Bitcoin’s current position suggests a continuation of its bullish momentum in the near future.
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