Bitcoin is showing signs of a potential rally as it attempts to break through the crucial $43,300 resistance level. If the cryptocurrency is successful in surpassing this barrier, it could gain further bullish momentum. Currently trading above $42,800 and the 100 hourly Simple Moving Average, Bitcoin has formed a short-term rising channel with support near $42,950.
The recent upward movement came after Bitcoin formed a base above the $42,000 level and gradually climbed above resistance levels at $42,200 and $42,500. Bulls managed to push the price above the $43,000 resistance, and it is now eyeing the $43,300 level. Should Bitcoin successfully breach this level, the next resistance levels at $43,750 and $44,000 may act as targets for bulls.
On the flip side, if Bitcoin fails to overcome the $43,300 resistance, it could experience another decline. Immediate support lies around $43,000 and the channel trend line, while the main support is at $42,350. A break below this level could signal a bearish momentum, driving the price towards the $41,800 support.
Technical indicators suggest a bullish outlook, with the hourly MACD gaining pace in the bullish zone and the hourly RSI for BTC/USD remaining above the 50 level. The major support levels to watch are $42,800 and $42,350, while the key resistance levels are $43,300, $43,800, and $44,500.
As always, it’s crucial to conduct your own research and exercise caution when making investment decisions. Investing in Bitcoin or any other cryptocurrency carries risks that should be considered.