🔥🔥🔥 #Bitcoinprice Restarts Increase – Can BTC Pump To $45K Again?
Bitcoin's price is making a recovery, surpassing the crucial $42,000 resistance level. To initiate a further uptrend, BTC needs to successfully clear hurdles at $42,800 and $43,500, ultimately targeting the $45,000 resistance.
As of now, Bitcoin is trading above $41,500 and the 100 hourly Simple Moving Average (SMA). A significant bullish trend line is forming with support around $41,500 on the BTC/USD hourly chart, sourced from Kraken exchange.
Bitcoin's recent positive movement began with the establishment of a support base above $40,000. The #cryptocurrency gained momentum, breaking through resistance at $41,200 and $41,500, opening the path for further upside. Subsequently, it surged past $42,000 and the 100 hourly SMA. The price reached a high near $42,800 but experienced a minor pullback, briefly dropping below $42,200.
In terms of retracement, Bitcoin tested the 23.6% Fibonacci retracement level of the upward swing from the $38,518 swing low to the $42,800 high. The mentioned bullish trend line, coupled with support at $41,500, acted as a buffer.
At present, Bitcoin is trading above $41,500 and the 100 hourly SMA. The immediate resistance lies near $42,500, with the subsequent key hurdles at $42,800 and $43,500. A successful breach of the $43,500 resistance could pave the way for a test of $44,250, followed by a major resistance at $45,000. A decisive close above $45,000 may fuel additional upward movement, targeting the next significant barrier at $46,500.
Bitcoin faces resistance at $42,800; a failure may trigger a downside correction. Initial support at $41,750, followed by crucial levels at $41,500. A close below $41,500 could lead to bearish momentum, with potential declines to $40,650 or the 50% Fibonacci retracement level.
Technical indicators show positive signals, with the hourly #MACD gaining momentum in the bullish zone, and the hourly #RSI above the 50 level.
Key Levels:
Support: $41,500, $40,650
Resistance: $42,800, $43,500, $45,000, $46,500
