Bitcoin price continues to rally and has surpassed the $43,500 resistance level. With the cryptocurrency still in a strong uptrend, there is optimism among bulls that it could surge beyond $45,000.
One key factor contributing to Bitcoin’s price outperformance is its stability above the $42,000 resistance zone. This has allowed BTC to gain bullish momentum and break through resistance levels, including the crucial $43,500 barrier.
Technical indicators suggest that Bitcoin’s upward movement may continue. The price is currently trading above $43,000 and the 100 hourly Simple Moving Average, indicating a positive trend. Additionally, there is a connecting bullish trend line forming with support near $43,100 on the hourly chart of the BTC/USD pair.
In terms of resistance levels, immediate hurdles are expected near $44,000, followed by $44,300 and $44,500. A close above the $44,500 resistance level could set the stage for a move past $45,000. If this milestone is reached, the next targets for the bulls could be $46,500 and even $47,200, with the ultimate goal being $48,000.
However, if Bitcoin fails to breach the $44,500 resistance zone, there could be a potential decline. Immediate support is likely to be found near the $43,200 level. Further down, the major support lies at $43,000, which coincides with the 50% Fib retracement level of the recent upward move. A move below $43,000 could lead to more losses, possibly testing the $42,000 support level.
Technical indicators are showing positive signs, with the MACD gaining momentum in the bullish zone and the RSI for BTC/USD above the 50 level.
It’s important to note that this information is purely educational, and it’s always recommended to conduct thorough research before making any investment decisions. Investing in cryptocurrencies carries risks, and caution should be exercised at all times.