Bitcoin

Resistance

Bitcoin price corrected gains and tested the $42,650 zone. BTC is again attempting a fresh increase and eyeing a move above the $43,750 resistance. 
<ul> 
 <li>Bitcoin found support above the $42,500 zone and started a fresh increase.</li> 
 <li>The price is trading below $43,550 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance near $43,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start a fresh increase if it clears the $43,750 and $44,300 resistance levels.</li> 
</ul> 
<h2 id="bitcoin-price-holds-ground">Bitcoin Price Holds Ground</h2> 
Bitcoin price failed to clear the $44,300 resistance zone and started a downside correction. BTC declined below $43,500 level, but the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-43500/" target="_blank" rel="noopener ">bulls were active</a> above the $42,500 zone. 
A low was formed near $42,860 and the price is now attempting a fresh increase. There was a move above the $43,200 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $44,429 swing high to the $42,680 low. 
Bitcoin is still trading below $43,550 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-approaches-breakout-44300/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a connecting bearish trend line forming with resistance near $43,600 on the hourly chart of the BTC/USD pair. 
The trend line is close to the 61.8% Fib retracement level of the downward move from the $44,429 swing high to the $42,680 low. On the upside, immediate resistance is near the $43,550 level. The first major resistance is forming near the trend line. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-20.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-566930" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-20.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-20.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-20.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-20.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-20.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-20.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-20.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-20.png?resize=1024%2C449?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 $43,600 resistance could start a decent move toward the $44,300 level. The next key resistance could be near $45,000, above which BTC could rise toward the $46,500 level. Any more gains might send the price toward $47,200. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $43,600 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $43,000 level. 
The next major support is near $42,600. If there is a move below $42,600, there is a risk of more losses. In the stated case, the price could drop toward the $42,000 support in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. 
Major Support Levels – $43,000, followed by $42,600. 
Major Resistance Levels – $43,600, $44,000, and $44,300.

Bitcoin Price Eyes Fresh Bullish Breakout, Can BTC Make It To $45K?

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