2024

Bitcoin

Resistance

Bitcoin price is holding gains above the $41,500 zone. BTC is rising and might gain bullish momentum above the $43,200 resistance zone. 
<ul> 
 <li>Bitcoin is attempting a fresh increase above the $42,500 resistance zone.</li> 
 <li>The price is trading above $42,200 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support near $42,280 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to rise if there is a close above the $43,200 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-remains-supported">Bitcoin Price Remains Supported</h2> 
Bitcoin price declined and broke the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-rejection-41550/" target="_blank" rel="noopener ">$42,200 support zone</a>. BTC formed a base above the $41,200 level and recently started a fresh increase. 
A low was formed at $41,317 and the price is now rising. There was a move above the $42,000 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $43,792 swing high to the $41,317 low. 
Bitcoin is now trading above $42,200 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-regains-strength-43500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bullish trend line forming with support near $42,280 on the hourly chart of the BTC/USD pair. 
On the upside, immediate resistance is near the $42,800 level. It is close to the 61.8% Fib retracement level of the downward move from the $43,792 swing high to the $41,317 low. The first major resistance is $43,200. A close above the $43,200 level could send the price further higher. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-567549" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin.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> 
The main hurdle sits at $43,800. A close above the $43,800 resistance could start a decent move toward the $44,500 level. The next key resistance could be near $45,000, above which BTC could rise toward the $46,200 level. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $43,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,250 level and the trend line. 
The next major support is near $41,620. If there is a move below $41,620, there is a risk of more losses. In the stated case, the price could drop toward the $40,500 support 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 – $42,250, followed by $41,620. 
Major Resistance Levels – $42,800, $43,200, and $43,800.

Bitcoin Price Starts 2024 In A Range, Can The Bulls Take Over?

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