The current Bitcoin price surge is demonstrating positive momentum, with a potential move toward the $45,000 resistance level. Bitcoin has surpassed the $42,500 resistance and is now trading above $43,000, accompanied by the 100 hourly Simple Moving Average. These developments are indicative of a major bullish trend line forming with support near $42,150 on the BTC/USD pair’s hourly chart.
The surge in Bitcoin price is a result of breaking through the $41,200 resistance zone, followed by clearing the $42,500 and $42,800 resistance levels, which propelled it into a positive zone. The price surged toward $43,800, forming a new weekly high near $43,779 before consolidating its gains.
With Bitcoin now trading above $43,000 and the 100 hourly Simple Moving Average, as well as the major bullish trend line forming with support near $42,150, the immediate resistance is near the $43,800 level. Subsequent resistance levels include $44,200 and $44,500, with a clear move above $44,500 potentially driving the price toward the $45,000 resistance.
However, if Bitcoin fails to exceed the $43,800 resistance zone, a downside correction may occur, with immediate support near the $43,200 level and major support at $42,500. A close below $42,200 could instigate bearish momentum, potentially leading the price toward the $40,650 support level.
Looking at technical indicators, the hourly MACD is gaining pace in the bullish zone, while the RSI for BTC/USD is above the 50 level. Major support levels are identified at $43,200 and $42,500, with resistance levels at $43,800, $44,500, and $45,000.
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