Bitcoin price is holding gains above the $41,500 zone. BTC is rising and might gain bullish momentum above the $43,200 resistance zone.
- Bitcoin is attempting a fresh increase above the $42,500 resistance zone.
- The price is trading above $42,200 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $42,280 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if there is a close above the $43,200 resistance zone.
Bitcoin Price Remains Supported
Bitcoin price declined and broke the $42,200 support zone. BTC formed a base above the $41,200 level and recently started a fresh increase.
A low was formed at $41,317 and the price is now rising. There was a move above the $42,000 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $43,792 swing high to the $41,317 low.
Bitcoin is now trading above $42,200 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $42,280 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $42,800 level. It is close to the 61.8% Fib retracement level of the downward move from the $43,792 swing high to the $41,317 low. The first major resistance is $43,200. A close above the $43,200 level could send the price further higher.
Source: BTCUSD on TradingView.com
The main hurdle sits at $43,800. A close above the $43,800 resistance could start a decent move toward the $44,500 level. The next key resistance could be near $45,000, above which BTC could rise toward the $46,200 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $43,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,250 level and the trend line.
The next major support is near $41,620. If there is a move below $41,620, there is a risk of more losses. In the stated case, the price could drop toward the $40,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $42,250, followed by $41,620.
Major Resistance Levels – $42,800, $43,200, and $43,800.
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Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-starts-2024-range/