Bitcoin

Resistance

Bitcoin price is attempting a fresh increase above the $42,500 resistance. BTC is showing bullish signs and might rally further above the $43,800 resistance. 
<ul> 
 <li>Bitcoin price is consolidating gains above the $42,500 resistance zone.</li> 
 <li>The price is trading above $42,750 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support near $42,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to rise if it clears the $43,250 and $43,800 resistance levels.</li> 
</ul> 
<h2 id="bitcoin-price-holds-ground">Bitcoin Price Holds Ground</h2> 
Bitcoin price started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-regains-strength-45k/" target="_blank" rel="noopener ">decent increase</a> above the $42,000 resistance zone. BTC was able to clear the $42,500 and $43,200 resistance levels. However, the bears were active near the $43,800 zone. 
A new weekly high was formed near $43,779 before the price started a short-term downside correction. There was a drop below the $43,200 level. It broke the 23.6% Fib retracement level of the upward wave from the $41,650 swing low to the $43,779 high. 
Bitcoin is now trading above $42,750 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-restarts-increase-45k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bullish trend line forming with support near $42,650 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward wave from the $41,650 swing low to the $43,779 high. 
Immediate resistance is near the $43,250 level. The next key resistance could be $43,800, above which the price could start a decent increase. The next stop for the bulls may perhaps be $44,500. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_392ca9.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-572434" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_392ca9.png?resize=1024%2C449" alt="Bitcoin Price " width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_392ca9.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_392ca9.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_392ca9.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_392ca9.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_392ca9.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_392ca9.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin_392ca9.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 clear move above the $44,500 resistance could send the price toward the $45,000 resistance. The next resistance is now forming near the $45,200 level. A close above the $45,200 level could push the price further higher. The next major resistance sits at $46,500. 
<h2 id="another-bearish-wave-in-btc">Another Bearish Wave In BTC?</h2> 
If Bitcoin fails to rise above the $43,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $42,800 level. 
The next major support is $42,650 or the trend line. The main support could be $42,400 and the 100 hourly SMA. If there is a close below $42,400, the price could gain bearish momentum. In the stated case, the price could dive toward the $41,200 support. 
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 below the 50 level. 
Major Support Levels – $42,650, followed by $42,400. 
Major Resistance Levels – $43,250, $43,800, and $44,500.

Bitcoin Bulls Keep Pushing, Why Increase Isn’t Over Yet

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