Bitcoin Attempts Fresh Increase Above $42,750 Resistance
The price of Bitcoin is currently trying to break above the $42,750 resistance zone. It is trading above $42,800 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there is a short-term rising channel forming with support near $42,950. As long as there is no close below the $42,350 support zone, the pair has the potential to continue rising.
Bitcoin Price Remains Supported
Bitcoin’s price has formed a base above the $42,000 level and has started to steadily increase. It was able to surpass the $42,200 and $42,500 resistance levels. The bulls pushed the price above the $43,000 resistance, and now a short-term rising channel is forming with support near $42,950 on the hourly chart. Bitcoin is currently trading above $42,800 and the 100 hourly Simple Moving Average. The immediate resistance is near the $43,300 level.
Potential for Further Increase
If Bitcoin can break above the $43,300 resistance level, it could potentially continue its upward movement. The next key resistance levels to watch are at $43,750 and $44,000. A clear move above $44,000 could lead to a push toward the $44,200 resistance. Another resistance is forming near the $44,500 level. However, if Bitcoin fails to rise above the $43,300 resistance zone, it may experience another decline.
Possible Decline in BTC?
In case Bitcoin fails to break above the $43,300 resistance level, it might start another decline. The immediate support on the downside is near $43,000 and the channel trend line. The first major support level is at $42,800 and the 100 hourly Simple Moving Average. The main support level to watch is $42,350. If the price closes below this level, it could gain bearish momentum and potentially drop toward the $41,800 support.
Technical Indicators
The MACD is currently gaining pace in the bullish zone on the hourly chart. The RSI for BTC/USD is now above the 50 level.
Hot Take: Bitcoin Price Continues to Show Strength
Despite facing resistance near the $43,300 level, Bitcoin’s price remains supported above key levels such as $42,800 and $42,350. With a short-term rising channel forming and technical indicators suggesting bullish momentum, there is a chance for further upward movement. However, if Bitcoin fails to break above the resistance zone, it may experience another decline toward support levels. Overall, Bitcoin continues to show strength in its attempt to surpass key resistance levels and maintain its upward trajectory.
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