Bitcoin Price Breaks Resistance and Gains Momentum
The price of Bitcoin has surpassed the $43,500 resistance zone and continues to climb. It is currently trading above $43,000 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there is a bullish trend line forming with support near $43,100.
Bitcoin’s Price Action and Potential Gains
Bitcoin’s price remained stable above the $42,000 resistance zone and gained bullish momentum to break through the $43,000 and $43,500 barriers. The price reached a high near $44,300 before experiencing a minor correction. However, it is still trading above $43,000 and the 100 hourly Simple Moving Average.
The current price action suggests the possibility of further gains. The immediate resistance is at around $44,000, followed by major resistance levels at $44,300 and $44,500. A close above the $44,500 resistance could pave the way for a move towards $45,000. If Bitcoin manages to surpass that level, it could target $46,500 and even $47,200.
Potential Decline in Bitcoin’s Price
If Bitcoin fails to break above the $44,500 resistance zone, it may experience a decline. The immediate support on the downside is around $43,200. The next major support level is near $43,000 or the 50% Fibonacci retracement level of the recent increase.
In case Bitcoin drops below $43,000, there is a risk of further losses with a potential drop towards the $42,000 support level in the near future.
Technical Indicators
The MACD indicator on the hourly chart is showing bullish momentum, and the RSI (Relative Strength Index) is above the 50 level for BTC/USD.
Major support levels are at $43,100 and $43,000, while major resistance levels are at $44,300, $44,500, and $45,000.
Source: BTCUSD on TradingView.com
Hot Take: Bitcoin Continues to Show Strength in Price Surge
Bitcoin has exhibited strength in its recent price surge, breaking through key resistance levels and trading above the 100 hourly Simple Moving Average. This indicates a bullish trend and potential for further gains. However, if it fails to surpass the $44,500 resistance zone, a decline could occur. Technical indicators suggest positive momentum with the MACD in the bullish zone and the RSI above 50. It’s essential to monitor support levels at $43,100 and $43,000 and resistance levels at $44,300, $44,500, and $45,000. Overall, Bitcoin’s price action demonstrates resilience and potential for continued growth.
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