Bitcoin’s price has recently surged past the resistance level of $44,000, sparking speculation of a fresh uptrend. The cryptocurrency was able to overcome key resistance levels at $43,400 and $43,500, and is now trading above $44,000 and the 100 hourly Simple Moving Average. This bullish movement was accompanied by a break above a significant rising channel with resistance at $43,650.
Currently, Bitcoin is consolidating gains after reaching a new weekly high of $44,780. It is trading above the 23.6% Fibonacci retracement level and the 100 hourly SMA. The next immediate resistance lies at $44,800, followed by $45,000. If these levels are breached, the price may continue to rise, possibly targeting $45,750.
Further bullish momentum could push Bitcoin towards the $46,500 and $47,200 resistance levels. A breakthrough past $47,200 may pave the way for a significant rally towards the next major resistance at $48,500.
However, if Bitcoin fails to overcome the $44,800 resistance zone, a downside correction might occur. The initial support lies at $44,300, followed by $43,750. A close below $43,750 could potentially trigger a bearish momentum, leading the price towards the $43,000 support level.
Important technical indicators, such as the hourly MACD and RSI, suggest a bullish outlook for Bitcoin. However, investing in cryptocurrencies always carries risks, and it is advised to conduct thorough research before making any investment decisions.