Bitcoin Price Restarts Increase – Can BTC Pump To $45K Again?

Bitcoin price is recovering higher above the $42,000 resistance. BTC must clear $42,800 and $43,500 to start an increase toward the $45,000 resistance.

    Bitcoin price is moving higher above the $42,000 resistance zone.
    The price is trading above $41,500 and the 100 hourly Simple moving average.
    There is a key bullish trend line forming with support near $41,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could start a steady increase if it clears the $42,800 and $43,500 resistance levels.

Bitcoin Price Aims Higher

Bitcoin price formed a support base above the $40,000 support zone. BTC started a decent increase above the $41,200 and $41,500 resistance levels.

It opened the doors for more gains above $42,000 and the 100 hourly Simple moving average. Finally, the price tested the $42,800 zone. A high was formed near $42,800 before there was a minor decline. The price declined below the $42,200 level.

Bitcoin tested the 23.6% Fib retracement level of the upward move from the $38,518 swing low to the $42,800 high. There is also a key bullish trend line forming with support near $41,500 on the hourly chart of the BTC/USD pair.

The price is now trading above $41,500 and the 100 hourly Simple moving average. Immediate resistance is near the $42,500 level. The next key resistance could be $42,800, above which the price could rise and test $43,500.

Bitcoin Price Restarts Increase – Can BTC Pump To $45K Again?

A clear move above the $43,500 resistance could send the price toward the $44,250 resistance. The next resistance is now forming near the $45,000 level. A close above the $45,000 level could push the price further higher. The next major resistance sits at $46,500.

Another Drop In BTC?

If Bitcoin fails to rise above the $42,800 resistance zone, it could start another decline. Immediate support on the downside is near the $41,750 level.

The next major support is $41,500 and the trend line. If there is a close below $41,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $40,650 support or the 50% Fib retracement level of the upward move from the $38,518 swing low to the $42,800 high 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 – $41,500, followed by $40,650.

Major Resistance Levels – $42,800, $43,500, and $45,000.

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2024-01-29 06:07