Bitcoin

Resistance

Bitcoin price is recovering higher above the $42,000 resistance. BTC must clear $42,800 and $43,500 to start an increase toward the $45,000 resistance. 
<ul> 
 <li>Bitcoin price is moving higher above the $42,000 resistance zone.</li> 
 <li>The price is trading above $41,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support near $41,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start a steady increase if it clears the $42,800 and $43,500 resistance levels.</li> 
</ul> 
<h2 id="bitcoin-price-aims-higher">Bitcoin Price Aims Higher</h2> 
Bitcoin price formed a support base above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-eyes-recovery-40250/" target="_blank" rel="noopener ">$40,000 support zone</a>. BTC started a decent increase above the $41,200 and $41,500 resistance levels. 
It opened the doors for more gains above $42,000 and the 100 hourly Simple moving average. Finally, the price tested the $42,800 zone. A high was formed near $42,800 before there was a minor decline. The price declined below the $42,200 level. 
Bitcoin tested the 23.6% Fib retracement level of the upward move from the $38,518 swing low to the $42,800 high. There is also a key bullish trend line forming with support near $41,500 on the hourly chart of the BTC/USD pair. 
The price is now trading above $41,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-at-make-or-break-moment-38500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $42,500 level. The next key resistance could be $42,800, above which the price could rise and test $43,500. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_4a819c.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-572058" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_4a819c.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_4a819c.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_4a819c.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_4a819c.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_4a819c.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_4a819c.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_4a819c.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_4a819c.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> 
A clear move above the $43,500 resistance could send the price toward the $44,250 resistance. The next resistance is now forming near the $45,000 level. A close above the $45,000 level could push the price further higher. The next major resistance sits at $46,500. 
<h2 id="another-drop-in-btc">Another Drop In BTC?</h2> 
If Bitcoin fails to rise above the $42,800 resistance zone, it could start another decline. Immediate support on the downside is near the $41,750 level. 
The next major support is $41,500 and the trend line. If there is a close below $41,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $40,650 support or the 50% Fib retracement level of the upward move from the $38,518 swing low to the $42,800 high 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 – $41,500, followed by $40,650. 
Major Resistance Levels – $42,800, $43,500, and $45,000.

Bitcoin Price Restarts Increase – Can BTC Pump To $45K Again?

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