Bitcoin Price Surges Past Resistance, Is This The Start of Fresh Uptrend?

Bitcoin price is gaining pace above the $44,000 resistance. BTC could rise further if it clears the $44,800 resistance zone in the near term.

• Bitcoin price was able to surpass the $43,400 and $43,500 resistance levels.
• The price is trading above $44,000 and the 100 hourly Simple moving average.
• There was a break above a major rising channel with resistance at $43,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to move up if it clears the $44,800 resistance zone.

Bitcoin Price Starts Fresh Increase

Bitcoin price remained well-bid above the $42,500 level. BTC started a fresh increase above the $43,400 and $43,500 resistance levels. Besides, there was a break above a major rising channel with resistance at $43,650 on the hourly chart of the BTC/USD pair.

The pair even surged above the $44,000 resistance zone. It traded to a new weekly high at $44,780 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $42,767 swing low to the $44,780 high.

Bitcoin is now trading above $44,000 and the 100 hourly Simple moving average. Immediate resistance is near the $44,800 level. The next key resistance could be $45,000, above which the price could start another decent increase. The next stop for the bulls may perhaps be $45,750.

Source: BTCUSD on TradingView.com

A clear move above the $45,750 resistance could send the price toward the $46,500 resistance. The next resistance could be near the $47,200 level. A close above the $47,200 level could push the price further higher. The next major resistance sits at $48,500.

Downside Correction In BTC?

If Bitcoin fails to rise above the $44,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $44,300 level.

The first major support is $43,750 and the 50% Fib retracement level of the upward move from the $42,767 swing low to the $44,780 high. If there is a close below $43,750, the price could gain bearish momentum. In the stated case, the price could dive toward the $43,000 support.

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 – $44,300, followed by $43,750.

Major Resistance Levels – $44,800, $45,750, and $45,500.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.