Bitcoin’s price is on the upswing, recently breaking through the $43,500 barrier. It’s maintaining a strong upward trajectory, stirring excitement about a potential push past $45,000.
The cryptocurrency surged past the $43,500 resistance zone, signaling a robust trend. Currently, it’s hovering above $43,000 and comfortably sits over the 100 hourly Simple Moving Average. There’s even a bullish trend line forming, with support around $43,100, as seen on the hourly BTC/USD chart.
If Bitcoin manages to close above the $44,500 and $45,000 marks, we might see even more upward movement.
Bitcoin Price Finds New Vigor
After holding steady above the $42,000 resistance level, Bitcoin gathered momentum, surpassing the $43,000 mark and then the critical $43,500 threshold.
The currency peaked around $44,300, and despite a slight pullback below $44,000, it’s showing resilience. It dipped briefly beneath the 23.6% Fib retracement level, calculated from the recent rise from the $41,828 low to the $44,300 high.
Bitcoin remains strong, trading over $43,000 and the 100 hourly Simple Moving Average, backed by the bullish trend line on the hourly BTC/USD chart.
The latest trends and breakout suggest further gains could be on the horizon. The immediate resistance lies near $44,000, with significant hurdles at $44,300 and $44,500. A breakthrough above $44,500 could pave the way to surpass $45,000.
Source: BTCUSD on TradingView.com
According to TradingView.com, the next substantial resistance could hover around $46,500. Crossing this barrier might propel Bitcoin towards $47,200, with the bulls aiming for $48,000.
Potential Setbacks for Bitcoin
However, if Bitcoin struggles to surpass the $44,500 resistance, a downward trend might ensue. The first line of support is near $43,200.
Another critical support area is around $43,000, aligning with the 50% Fib retracement level of the recent upward swing. A fall below $43,000 could lead to further losses, potentially driving the price towards the $42,000 support.
Technical Indicators:
- Hourly MACD: Currently accelerating in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is above 50, indicating positive momentum.
Key Levels to Watch:
- Major Support: $43,100, followed by $43,000.
- Major Resistance: $44,300, $44,500, and $45,000.
Disclaimer: This analysis is for educational purposes and not financial advice. Always do your own research before investing.
