Bitcoin Price Analysis: BTC Could Extend Increase To $45,000 Resistance

Bitcoin Price Analysis: BTC Could Extend Increase To $45,000 Resistance

Bitcoin price is gaining momentum above the crucial resistance level of $42,500. The positive price movement indicates the potential for further increase towards the $45,000 resistance mark. This suggests a bullish trend for BTC in the short term.

Bitcoin began its ascent above the $41,200 resistance zone and successfully surpassed the $42,500 and $42,800 resistance levels. This upward movement boosted the cryptocurrency’s value, surpassing the $43,000 mark and reaching towards $43,800. The current price shows that Bitcoin is trading above the 23.6% Fib retracement level, demonstrating the potential for further gains.

Support and Resistance Levels

Bitcoin is presently trading above the 100 hourly Simple Moving Average, indicating a positive trend. Additionally, a major bullish trend line is forming with support near $42,150 on the hourly chart of the BTC/USD pair. The existence of this trend line further strengthens the positive momentum for Bitcoin.

The $43,800 level acts as immediate resistance, and if Bitcoin manages to clear this level, it could continue its rise towards the $44,200 mark. Surpassing this resistance level could potentially send the price towards $45,000. The next major resistance awaits at $45,500 and would further push the price higher. A close above the $45,500 level could pave the way for Bitcoin to hit a major resistance level at $46,500.

On the downside, if Bitcoin fails to surpass the $43,800 resistance zone, a downward correction may occur. Immediate support is anticipated near the $43,200 level, followed by the major support level of $42,500. The main support level lies at $42,200, coinciding with the trend line. A close below this level may lead to increased bearish sentiment, potentially driving the price towards the $40,650 support level.

The hourly MACD for Bitcoin indicates a gaining pace in the bullish zone, while the hourly RSI (Relative Strength Index) is above the 50 level. These technical indicators suggest a positive outlook for BTC and further support the potential for an upward price movement.

Bitcoin is currently exhibiting positive signs of upward movement above the key resistance level of $42,500. With the support of the bullish trend line and the 100 hourly Simple Moving Average, Bitcoin could potentially extend its increase towards the $45,000 resistance. However, failure to surpass the $43,800 resistance may lead to a downside correction, with the price finding support at $42,500 and potentially lower. Traders and investors are advised to conduct their own research and exercise caution when making investment decisions as the cryptocurrency market carries inherent risks.

Analysis

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