Bitcoin price is experiencing a strong start to 2024, with a surge of over 5% and the successful clearing of the $45,000 resistance level. This positive momentum has been fueled by rumors circulating about the imminent approval of a Bitcoin spot ETF by the end of the day.
BTC is currently trading above $45,000 and the 100 hourly Simple Moving Average, demonstrating its bullish outlook. On the hourly chart, there was a breakout above a significant ascending channel with resistance near $43,500. This breakout further bolstered the upward movement of the BTC/USD pair.
As a result, Bitcoin has managed to surpass the $45,000 resistance and establish a new multi-week high around $45,499. Currently, the price is consolidating its gains and is comfortably above the 23.6% Fibonacci retracement level of the recent upward move.
The immediate resistance level to watch out for is $45,500, followed by $46,000. A close above $46,000 could potentially push the price higher, with the next major hurdle at $46,800. If BTC manages to surpass this level as well, it may pave the way for a move toward $48,000.
However, if Bitcoin fails to break above the $45,500 resistance zone, a downside correction could occur. The immediate support level on the downside is at $45,000, followed by a major support at $44,500. A decline below $44,500 could expose the price to further losses, potentially testing the $43,500 support level.
Technical indicators suggest a bullish trend, with the Hourly MACD gaining momentum in the bullish zone and the Hourly RSI (Relative Strength Index) above the 50 level.
It is important to note that this analysis is for educational purposes only and should not be considered as financial advice. Investors are advised to conduct their own research and exercise caution when making investment decisions.