Home CryptocurrencyAnalysis Bitcoin Price Reclaims 100 SMA, But Can Bulls Overcome This Hurdle?

Bitcoin Price Reclaims 100 SMA, But Can Bulls Overcome This Hurdle?

by SuperiorInvest

Bitcoin price is consolidating above the $42,500 support zone. BTC could gain bullish momentum if it breaks the $43,500 resistance zone.

  • Bitcoin price is still struggling to overcome the $43,400 and $43,500 resistance levels.
  • The price is trading above $42,500 and the 100 hourly simple moving average.
  • A key ascending channel is forming with support at $42,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong rise if it breaks the $43,500 resistance zone.

Bitcoin price points higher

Bitcoin price formed a base above the $41,800 level and began a steady rise. BTC was able to break through the $42,200 and $42,500 resistance levels.

It also reclaimed the 100 hourly simple moving average. The price rose above the 50% Fibonacci retracement level of the downward move from the high of $43,488 to the low of $42,320. The bulls even pushed the price above the $43,000 level.

However, the bears seem to be active near the $43,200 level. It is close to the 76.4% Fib retracement level of the downside move from the high of $43,488 to the low of $42,320.

Bitcoin is now trading above $42,650 and the 100 hourly simple moving average. The immediate resistance is near the $43,200 level. The next key resistance could be $43,500, above which the price could start a decent rise. The next stop for the bulls may be the $44,200 level.

Source: BTCUSD on TradingView.com

A clear move above the $44,200 resistance could send the price towards the $45,000 resistance. The next resistance is forming near the $45,500 level. A close above the $45,500 level could push the price up further. The next major resistance lies at $46,500.

Another drop in BTC?

If Bitcoin fails to break above the $43,500 resistance zone, it could start another decline. Immediate downside support is near the $42,900 level and the 100 hourly SMA.

The first major support is $42,450 and the channel trend line. If there is a close below $42,450, the price could gain bearish momentum. In the indicated case, the price could fall towards the $41,800 support.

Technical indicators:

MACD Hourly: The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Main support levels: $42,900, followed by $42,450.

Main resistance levels: $43,200, $43,400 and $43,500.

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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