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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Bitcoin Price Regains Strength As The Bulls Aim For Retest of $45K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Bitcoin price is gaining pace above the $42,500 resistance. BTC is showing positive signs and might extend its increase toward the $45,000 resistance.

  • Bitcoin price is moving higher above the $42,500 resistance zone.
  • The price is trading above $43,000 and the 100 hourly Simple moving average.
  • There is a major bullish trend line forming with support near $42,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise if it clears the $43,800 and $44,200 resistance levels.

Bitcoin Price Climbs Higher

Bitcoin price started a decent increase above the $41,200 resistance zone. BTC was able to clear the $42,500 and $42,800 resistance levels to move further into a positive zone.

The bulls pushed the price above the $43,000 resistance and the price pumped toward $43,800. A new weekly high is formed near $43,779 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $41,651 swing low to the $43,779 high.

Bitcoin is now trading above $43,000 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $42,150 on the hourly chart of the BTC/USD pair. The trend line is near the 76.4% Fib retracement level of the upward move from the $41,651 swing low to the $43,779 high.

Immediate resistance is near the $43,800 level. The next key resistance could be $44,200, above which the price could rise and test $44,500. A clear move above the $44,500 resistance could send the price toward the $45,000 resistance.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next resistance is now forming near the $45,500 level. A close above the $45,500 level could push the price further higher. The next major resistance sits at $46,500.

Are Dips Limited In BTC?

If Bitcoin fails to rise above the $43,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $43,200 level.

The next major support is $42,500. The main support could be $42,200 and the trend line. If there is a close below $42,200, the price could gain bearish momentum. In the stated case, the price could dive toward the $40,650 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 – $43,200, followed by $42,500.

Major Resistance Levels – $43,800, $44,500, and $45,000.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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