Bitcoin’s price has rebounded from the $40,000 support level and is currently facing resistance at $43,000. The cryptocurrency is consolidating and struggling to break through this key resistance. However, if it manages to clear $43,000, it could see further upside.
Bitcoin started its upward move from the $40,000 support and is now trading above $42,000 and the 100-hourly Simple Moving Average. There was a breakout above a bearish trend line with resistance near $41,050. The price also surpassed the 50% Fibonacci retracement level of the previous drop from the swing high of $44,699 to the low of $39,999.
The next immediate resistance level is around $43,200, followed by a major resistance at $43,500. If Bitcoin can close above $43,500, it could potentially initiate a steady increase. The key resistance levels to watch for are $44,500 and $45,000, which could pave the way for a test of $46,500.
On the other hand, if Bitcoin fails to surpass the $43,200 resistance, it may experience another decline. The immediate support lies near $42,500 and the 100-hourly Simple Moving Average. In case of a further drop, the price could test the $41,200 zone. Breaking below $41,200 could lead to more losses and a potential drop to the $40,000 support level.
As for technical indicators, the hourly MACD is showing signs of losing momentum in the bullish zone, while the hourly RSI is above the 50 level.
Disclaimer: The information provided in this article is for educational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries risks, and readers are advised to conduct their own research before making any investment decisions.