Bitcoin’s price is currently gaining momentum and has surpassed the $42,500 resistance level. With positive indicators, Bitcoin is likely to continue its upward trend and may even reach the $45,000 resistance level. The price has formed a major bullish trend line, providing support around $42,150.
Bitcoin has successfully cleared the $43,000 resistance level and is now trading above the 100 hourly Simple Moving Average. The next key resistance levels to overcome are $43,800 and $44,200, which could potentially lead to a test of $44,500 and eventually the $45,000 resistance level.
If Bitcoin fails to break above the $43,800 resistance, it may initiate a correction, with immediate support at around $43,200. The main support levels to watch are $42,500 and $42,200, with a potential downside risk towards the $40,650 support level.
Technical indicators suggest that the MACD is in a bullish zone and the RSI is above 50 for the BTC/USD pair.
It’s important to note that this analysis is for educational purposes only and should not be considered as investment advice. Conduct your own research and evaluate the risks before making any investment decisions.