Rally

Bitcoin

Resistance

Bitcoin price started a strong increase above the $42,000 zone. BTC is now consolidating gains and might rally further toward the $45,000 zone. 
<ul> 
 <li>Bitcoin gained pace above the $42,200 and $43,200 levels.</li> 
 <li>The price is trading above $43,000 and the 100 hourly Simple moving average.</li> 
 <li>There are two bullish trend lines forming with support near $43,900 and $42,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair is likely setting up for a fresh increase above the $44,000 level.</li> 
</ul> 
<h2 id="bitcoin-price-remains-supported">Bitcoin Price Remains Supported</h2> 
Bitcoin price started a major increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-surges-45k/" target="_blank" rel="noopener ">$42,000 resistance zone</a>. BTC surged and even broke the $43,200 resistance zone. A new multi-month high was formed near $44,465 before the price started a minor downside correction. 
There was a move below the $44,000 level. The price tested the 23.6% Fib retracement level of the upward move from the $39,475 swing low to the $44,465 high. However, the bulls remained active above the $43,200 support zone. 
Bitcoin also trades above $43,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-extends-rally-42k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Besides, there are two bullish trend lines forming with support near $43,900 and $42,000 on the hourly chart of the BTC/USD pair. The second trend line is close to the 61.8% Fib retracement level of the upward move from the $39,475 swing low to the $44,465 high. 
On the upside, immediate resistance is near the $44,250 level. The first major resistance is forming near $44,450, above which the price might rally toward the $45,000 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-4.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-564295" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-4.png?resize=1024%2C468" alt="Bitcoin Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-4.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-4.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-4.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-4.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-4.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-4.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-4.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener 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 $46,200, above which BTC could rise toward the $47,500 level. 
<h2 id="short-term-dips-in-btc">Short-term Dips In BTC?</h2> 
If Bitcoin fails to rise above the $44,250 resistance zone, it could start a downside correction. Immediate support on the downside is near the $43,900 level and the trend line. 
The next major support is near $42,550, 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 $41,200 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 – $43,900, followed by $42,000. 
Major Resistance Levels – $44,250, $44,450, and $45,000.

Bitcoin Price Consolidates Rally and Primed To Surge Toward $45K

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