Bitcoin’s Value Soars 15% in a Short Span; $45K Appears Inevitable

Bitcoin maintained a consistent uptrend above the $40,000 resistance, surging over 15% recently and surpassing $42,000. The upward momentum accelerated above the $43,200 resistance, reaching a new multi-month high of around $44,465 before undergoing a corrective phase.

Despite a dip below $44,000, the price remains above the 23.6% Fib retracement level of the upward move from $39,476 to $44,465. Bitcoin trades above $43,200 and the 100-hourly Simple Moving Average, supported by two bullish trend lines near $43,200 and $41,800 on the BTC/USD hourly chart. The second trend line aligns with the 50% Fib retracement level.

Looking ahead, immediate resistance is at $44,200, followed by a major hurdle near $44,450. Surpassing this level could propel the price toward the $45,000 mark.

Is BTC Supported on Dips?

A downside correction may ensue if Bitcoin fails to surpass the $44,500 resistance. Immediate support lies around $43,250, with a significant support level near $42,800. A breach could test the second trend line, and if the price drops below $42,000, further downsides may emerge. In such a scenario, the price might head towards the $40,500 support in the short term.

Technical indicators show the hourly MACD gaining momentum in the bullish zone, while the hourly RSI for BTC/USD is above 50.

Key Support Levels: $43,200, followed by $42,000.

Key Resistance Levels: $44,200, $44,450, and $45,000.

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Karla James

Karla brings over 16+ years of experience in the online brokerage industry. She is a finance graduate from Birmingham University, UK, and a forex market enthusiast. Being a true writing fanatic, she pens research-backed reviews for traders to analyse trading strategies and indicators. She has also authored a wide range of educational articles covering the forex industry. Karla is quite interested in checking brokerage companies and studying their performance and growth. Her aim is to describe complex investment mechanisms in an accessible way for traders of any level. Apart from finance, her interests mainly include reading books, fitness, and writing in her journal. Karla believes in the power of writing and wants to write for every layman who knows nothing about finance.

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