🚀🚀🚀 #BitcoinPrice2024 Surges Past Resistance, Is This The Start of Fresh Uptrend?
Bitcoin's price is showing strong momentum as it climbs above the $44,000 resistance level. If it manages to surpass the $44,800 resistance zone, further upside movement could be in store for the near term.
Having breached the $43,400 and $43,500 resistance levels, Bitcoin is currently trading comfortably above $44,000 and the 100-hourly Simple Moving Average. Notably, there was a significant breakthrough of a major rising channel with resistance at $43,650 on the hourly chart of the #btc/usd pair.
The pair reached a new weekly high at $44,780 before entering a consolidation phase. It's currently holding above the 23.6% Fib retracement level of the recent upward move from the $42,767 swing low to the $44,780 high.
Looking ahead, immediate resistance lies near the $44,800 level, with the potential for further gains towards $45,000. A successful breach above this level could trigger another notable increase, with potential targets at $45,750 and $47,200. If the bulls maintain their strength, the price may even challenge the $48,500 resistance.
On the downside, if Bitcoin fails to overcome the $44,800 resistance zone, a corrective move could be expected. The initial support is around $44,300, followed by $43,750 and the 50% Fib retracement level of the recent upward move. Further downside momentum could see the price testing the $43,000 support level.
Analyzing the technical indicators, the hourly MACD is gaining momentum in the bullish zone, while the hourly RSI for BTC/USD is currently above the 50 level, indicating positive momentum.
Key Support Levels to watch include $44,300 and $43,750,
while Key Resistance Levels to monitor are $44,800, $45,750, and $47,200.
Source - newsbtc.com
