Bitcoin

Resistance

Bitcoin price formed a base above the $40,000 support zone. BTC is now struggling to clear the $43,000 resistance zone and consolidating. 
<ul> 
 <li>Bitcoin started a fresh increase from the $40,000 support base.</li> 
 <li>The price is trading above $42,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a connecting bearish trend line with resistance near $41,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move up if there is a clear move above the $43,000 resistance.</li> 
</ul> 
<h2 id="bitcoin-price-regains-strength">Bitcoin Price Regains Strength</h2> 
Bitcoin price remained well-bid above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-again-38k/" target="_blank" rel="noopener ">$40,000 support zone</a>. BTC formed a base and recently started a fresh increase above the $41,000 resistance. 
There was a break above a connecting bearish trend line with resistance near $41,050 on the hourly chart of the BTC/USD pair. The pair gained strength above the 50% Fib retracement level of the key drop from the $44,699 swing high to the $39,999 low. 
Finally, the price tested the $43,000 resistance zone. Bitcoin spiked above the 61.8% Fib retracement level of the key drop from the $44,699 swing high to the $39,999 low. 
BTC is now trading above $42,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-holds-support-40k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, immediate resistance is near the $43,200 level. The first major resistance is forming near $43,500. A close above the $43,500 resistance might start a steady increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-11.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-565357" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-11.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-11.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-11.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-11.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-11.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-11.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-11.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-11.png?resize=1024%2C461?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> 
The next key resistance could be near $44,500, above which BTC could rise toward the $45,000 level. A clear move above the $45,000 level could set the pace for a test of $46,500. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $43,200 resistance zone, it could start another decline. Immediate support on the downside is near the $42,500 level and the 100 hourly Simple moving average. 
The next major support is near $42,000, below which the price might test the $41,200 zone. If there is a move below $41,200, there is a risk of more losses. In the stated case, the price could drop toward the $40,000 support in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $42,500, followed by $42,000. 
Major Resistance Levels – $43,200, $44,000, and $45,000.

Bitcoin Price Rips Higher But $43K Is The Key To More Upsides

Table of Contents

NewsBTC

Other articles published on Dec 14, 2023

JPMorgan CEO’s Anti-Bitcoin Stance Clashes with Onyx’s Tripling Staff Count

Ava Labs’ Core launches wallets and multi-chain seed phrases via Gmail

Crypto greed index hits 72, mirrors Global market’s greed

Cardano (ADA) And Solana (SOL) Surge Ahead With Bold Predictions For 2024! Why These Coins Are Po...

Cardano Breaks Over Key Resistance Level as Market Rebounds

RaonSecure showcases blockchain-based SaaS to student ID card association

Join our free newsletter for daily crypto updates!