The current Bitcoin price is making a concerted effort to surpass the $42,500 resistance, showing signs of a bullish trend that could lead to a rally above the $43,800 resistance level.
Bitcoin price has been consolidating gains above the $42,500 resistance zone and is currently trading above $42,750 and the 100 hourly Simple moving average. Moreover, a key bullish trend line has been identified with support near $42,650 on the BTC/USD pair’s hourly chart sourced from Kraken. If the pair successfully clears the $43,250 and $43,800 resistance levels, it could continue to rise.
Despite Bitcoin’s recent ascent above the $42,000 resistance zone, it encountered resistance near the $43,800 zone after reaching a new weekly high near $43,779. Following this, a short-term downside correction ensued, where the price dropped below the $43,200 level. However, Bitcoin is currently holding steady above $42,750 and the 100 hourly Simple moving average, with a key bullish trend line forming to further support its position.
Regarding potential price movements, a clear move above the $44,500 resistance level could propel the price toward the $45,000 resistance, followed closely by the $45,200 level. Notably, the next major resistance is expected at $46,500. Conversely, if Bitcoin fails to rise above the $43,800 resistance zone, it may face a bearish wave, with immediate support at $42,800 and major support at $42,650 or the trend line.
If the price does indeed experience a bearish downturn, the 100 hourly SMA at $42,400 could serve as a crucial support level. It is important to consider technical indicators such as the MACD and RSI, which currently exhibit signs of a potential shift in market momentum.
This analysis is provided for educational purposes only and should not be taken as financial advice. It underscores the importance of conducting thorough research and understanding the risks associated with cryptocurrency investments. As always, it’s recommended to make investment decisions based on personal assessment and judgment.
