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Bitcoin started a fresh increase above the $43,500 resistance against the US Dollar. BTC is showing positive signs and might even surge above $45,000.
- Bitcoin started a fresh increase after it broke the $43,500 resistance zone.
- The price is trading above $43,500 and the 100 hourly simple moving average.
- There is a crucial bullish trend line forming with support near $43,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise and might even clear the $45,000 resistance zone.
Bitcoin Price Remains Supported
Bitcoin price remained well bid above the $42,500 zone. BTC formed a base and started a fresh increase above the $43,000 resistance zone.
The upward move was such that the bulls were able to pump the price above the $43,500 resistance zone. It even cleared the $44,000 level and settled above the 100 hourly simple moving average. A high was formed near $44,381 and the price is now consolidating gains.
It is trading near the 23.6% Fib retracement level of the recent rise from the $42,637 swing low to $44,381 high. However, it is well above $43,500 and the 100 hourly simple moving average.
Besides, there is a major bullish trend line forming with support near $42,300 on the hourly chart of the BTC/USD pair. On the upside, the price is facing resistance near the $44,300 level. The next major resistance could be near the $44,500 zone.
Source: BTCUSD on TradingView.com
If the bulls remain in action, bitcoin price might even rise towards the $45,000 resistance. A successful break and close above the $45,000 level might spark sharp gains. In the stated case, the price might rise towards the $46,500 level.
Dips Supported in BTC?
If bitcoin fails to clear the $44,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $43,500 zone. The 50% Fib retracement level of the recent rise from the $42,637 swing low to $44,381 high is also near $43,500.
The next major support is seen near the trend line and $43,300 and the trend line. A downside break below the $43,300 support zone could start a drop towards the $42,500 support.
Technical indicators:
Hourly MACD – The MACD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level.
Major Support Levels – $43,500, followed by $43,300.
Major Resistance Levels – $44,300, $44,500 and $45,000.
