Bitcoin Holds Gains Above $42,500 Level
Bitcoin price has managed to hold its gains above the $42,500 pivot level. It is currently trading above $42,800 and the 100 hourly Simple Moving Average. On the hourly chart of BTC/USD, a key bullish trend line is forming with support near $42,900.
Bitcoin Price Eyes Fresh Increase
Bitcoin experienced a downside correction below the $44,000 level but found support near the 50% Fib retracement level of the upward move from the $41,427 swing low to the $44,465 high. The cryptocurrency is still trading above $42,800 and the 100 hourly Simple Moving Average.
Currently, Bitcoin’s price is rising and showing positive signs above the $43,000 level. Immediate resistance is seen near $44,200, with major resistance forming near $44,450. A close above the $45,000 resistance could start a strong upward move.
Are Dips Limited In BTC?
If Bitcoin fails to rise above the $44,450 resistance zone, it could face another decline. Immediate support on the downside is near the $42,900 level and the trend line. The next major support is near $42,580 or the 61.8% Fib retracement level.
In case of a move below $42,150, there is a risk of more downsides with potential drops toward the $41,500 support in the near term.
Technical Indicators
The hourly MACD for BTC/USD is gaining pace in the bullish zone. The RSI (Relative Strength Index) has surpassed the 50 level.
Source: BTCUSD on TradingView.com
Hot Take: Bitcoin Holds Steady Above Key Support Level
Bitcoin’s price is maintaining its position above the crucial $42,500 level. With support near $42,900 and a bullish trend line forming, there are positive signs for a potential fresh increase. However, if Bitcoin fails to break above the $44,450 resistance, it may experience another decline.
The technical indicators are showing bullish momentum with the MACD gaining pace and the RSI surpassing the 50 level. It remains to be seen whether Bitcoin can overcome the resistance levels and embark on a strong upward move towards $45,000 and beyond.
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