Rally

Bitcoin

Resistance

Bitcoin price extended its rally above the $43,200 resistance. BTC is now consolidating gains and might rally further toward the $45,000 zone.
<ul>
 <li>Bitcoin surged further above the $42,200 and $43,200 levels.</li>
 <li>The price is trading above $43,200 and the 100 hourly Simple moving average.</li>
 <li>There are two bullish trend lines forming with support near $43,200 and $41,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li>
 <li>The pair could correct lower toward $43,200 before it starts a fresh increase.</li>
</ul>
<h2 id="bitcoin-price-extends-rally">Bitcoin Price Extends Rally</h2>
Bitcoin price remained in a steady uptrend above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-extends-rally-42k/" target="_blank" rel="noopener noreferrer nofollow">$40,000 resistance zone</a>. BTC gained over 15% in the past few days and even surged above the $42,000 zone.
The upward move gained pace above the $43,200 resistance zone. &nbsp;A new multi-month high is formed near $44,465 and the price is now correcting gains. There was a move below the $44,000 level. The price is still above the 23.6% Fib retracement level of the upward move from the $39,476 swing low to the $44,465 high.
Bitcoin also trades above $43,200 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-surges-over-40k/" target="_blank" rel="noopener noreferrer nofollow">100 hourly Simple moving average</a>. Besides, there are two bullish trend lines forming with support near $43,200 and $41,800 on the hourly chart of the BTC/USD pair. The second trend line is close to the 50% Fib retracement level of the upward move from the $39,476 swing low to the $44,465 high.
On the upside, immediate resistance is near the $44,200 level. The first major resistance is forming near $44,450, above which the price might rise toward the $45,000 level.
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-3.png?resize=1024%2C468" rel="noopener noreferrer nofollow"><img loading="lazy" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-3.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468"></a>
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener noreferrer nofollow">BTCUSD on TradingView.com</a>
A close above the $45,000 resistance might send the price further higher. The next key resistance could be near $46,400, above which BTC could rise toward the $48,000 level.
<h2 id="are-dips-supported-in-btc">Are Dips Supported In BTC?</h2>
If Bitcoin fails to rise above the $44,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $43,250 level.
The next major support is near $42,800, below which the price might test the second trend line. If there is a move below $42,000, there is a risk of more downsides. In the stated case, the price could drop toward the $40,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $43,200, followed by $42,000.
Major Resistance Levels – $44,200, $44,450, and $45,000.

Bitcoin Price Surges Over 15% In Few Days, $45K Seems Imminent

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