Bitcoin Gains Momentum Above Key Levels
The price of Bitcoin has experienced a significant increase, surpassing both the $42,200 and $43,200 levels. Currently, it is trading above $43,000 and the 100-hourly Simple Moving Average (SMA). On the hourly chart of the BTC/USD pair from Kraken, two bullish trend lines can be observed, with support near $43,900 and $42,000. This suggests that the pair may be preparing for another upward movement beyond the $44,000 level.
Bitcoin Price Finds Support
The Bitcoin price has initiated a major surge above the $42,000 resistance zone and even surpassed the $43,200 resistance. It reached a new multi-month high around $44,465 before experiencing a minor correction. Although there was a dip below $44,000, the bulls remained active above the $43,200 support area. Bitcoin is currently trading above $43,500 and the 100-hourly SMA. Additionally, there are two bullish trend lines on the hourly chart with support near $43,900 and $42,000.
Potential Short-term Downturns in BTC
If Bitcoin fails to break through the resistance zone at $44,250, it may undergo a downside correction. Immediate support lies around the $43,900 level and the trend line. The next major support level is near $42,550 and if breached, it could test the second trend line. A move below $42,000 increases the risk of further downward movement towards the $41,200 support level in the near future.
Hot Take: Bitcoin Price Poised for Further Upside Movement
If Bitcoin manages to surpass the resistance at $45,000, it is likely to experience an even higher surge. The next key resistance level to watch out for is around $46,200, and if broken, BTC could rise towards the $47,500 level.
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