Bitcoin

Resistance

Bitcoin price is consolidating above the $42,250 support zone. BTC could start a decent increase if it clears the $43,000 and $43,400 resistance levels. 
<ul> 
 <li>Bitcoin price failed again to clear the $43,400 resistance zone and corrected lower.</li> 
 <li>The price is trading below $43,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a major rising channel forming with support at $42,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to decline if there is a clear move below the $42,250 support.</li> 
</ul> 
<h2 id="bitcoin-price-holds-support">Bitcoin Price Holds Support</h2> 
Bitcoin price made another attempt to clear the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stuck-range-42250/" target="_blank" rel="noopener ">$43,400 and $43,500 resistance levels</a>. However, BTC struggled to extend its gains and recently started another decline below $43,000. 
There was a move below the $42,800 support. A low is formed near $42,320 and the price is now consolidating losses. There is also a major rising channel forming with support at $42,400 on the hourly chart of the BTC/USD pair. 
Bitcoin is now trading below $43,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-see-liftoff-43800/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $42,900 level. It is near the 50% Fib retracement level of the downward wave from the $43,489 swing high to the $42,320 low. 
The next key resistance could be $43,200 and the 76.4% Fib retracement level of the downward wave from the $43,489 swing high to the $42,320 low, above which the price could start a decent increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_2b6096.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-573530" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_2b6096.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_2b6096.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_2b6096.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_2b6096.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_2b6096.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_2b6096.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_2b6096.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_2b6096.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 stop for the bulls may perhaps be $43,500. A clear move above the $43,500 resistance could send the price toward the $44,000 resistance. The next resistance is now forming near the $44,200 level. A close above the $44,200 level could push the price further higher. The next major resistance sits at $45,000. 
<h2 id="downside-break-in-btc">Downside Break In BTC?</h2> 
If Bitcoin fails to rise above the $43,000 resistance zone, it could start another decline. Immediate support on the downside is near the $42,320 level. 
The first major support is $42,250. If there is a close below $42,250, 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 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 – $42,320, followed by $42,250. 
Major Resistance Levels – $43,000, $43,250, and $43,500.

Bitcoin Price Aims Higher, Decoding Key Hurdles To Fresh Increase

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