Bitcoin Price Eyes Fresh Bullish Breakout, Can BTC Make It To $45K?
Bitcoin price corrected gains and tested the $42,650 zone. BTC is again attempting a fresh increase and eyeing a move above the $43,750 resistance.
Bitcoin found support above the $42,500 zone and started a fresh increase.
The price is trading below $43,550 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance near $43,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if it clears the $43,750 and $44,300 resistance levels.
If Bitcoin fails to rise above the $43,600 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $43,000 level.
The next major support is near $42,600. If there is a move below $42,600, there is a risk of more losses. In the stated case, the price could drop toward the $42,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $43,000, followed by $42,600.
Major Resistance Levels – $43,600, $44,000, and $44,300.