Bitcoin

Resistance

Bitcoin price is attempting a fresh increase from the $42,000 support. BTC could gain bullish momentum if it clears the $43,300 resistance zone. 
<ul> 
 <li>Bitcoin price is attempting a fresh increase above the $42,750 resistance zone.</li> 
 <li>The price is trading above $42,800 and the 100 hourly Simple moving average.</li> 
 <li>There is a short-term rising channel forming with support near $42,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to rise unless there is a close below the $42,350 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-remains-supported">Bitcoin Price Remains Supported</h2> 
Bitcoin price formed a base above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-decline-41800/" target="_blank" rel="noopener ">$42,000 level</a> and started a steady increase. BTC was able to climb above the $42,200 and $42,500 resistance levels. 
There was a move above the 50% Fib retracement level of the downward wave from the $43,740 swing high to the $41,888 low. The bulls were able push the price above the $43,000 resistance. There is now a short-term rising channel forming with support near $42,950 on the hourly chart of the BTC/USD pair. 
Bitcoin is now trading above $42,800 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-bulls-keep-pushing-43800/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $43,300 level. It is near the 76.4% Fib retracement level of the downward wave from the $43,740 swing high to the $41,888 low. 
The next key resistance could be $43,750, above which the price could start a decent increase. The next stop for the bulls may perhaps be $44,000. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_0671ed.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-572874" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_0671ed.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_0671ed.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_0671ed.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_0671ed.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_0671ed.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_0671ed.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_0671ed.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_0671ed.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 $44,000 resistance could send the price toward the $44,200 resistance. The next resistance is now forming near the $44,500 level. A close above the $44,500 level could push the price further higher. The next major resistance sits at $45,000. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $43,300 resistance zone, it could start another decline. Immediate support on the downside is near the $43,000 level and the channel trend line. 
The first major support is $42,800 and the 100 hourly SMA. The main support could be $42,350. If there is a close below $42,350, the price could gain bearish momentum. In the stated case, the price could dive toward the $41,800 support. 
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 – $42,800, followed by $42,350. 
Major Resistance Levels – $43,300, $43,800, and $44,500.

Bitcoin Price Could See “Liftoff” if It’s Able to Hold One Crucial Level

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