Bitcoin Price Regains Strength – Why BTC Could Still Remain In Range Before 2024

Bitcoin price found support and started a decent increase above $43,000. BTC is rising, but it might struggle to clear the $44,300 and $44,500 resistance levels.

• Bitcoin tested the $41,650 zone an started a fresh increase.
• The price is trading above $43,000 and the 100 hourly Simple moving average.
• There was a break above a connecting bearish trend line with resistance near $43,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to move surge toward the main resistance at $44,300.

Bitcoin Price Restarts Increase

Bitcoin price was able to find bids above the $41,500 level. BTC formed a base and recently started a fresh increase from the $41,637 low. There was a steady increase above the $42,500 resistance zone.

There was a break above a connecting bearish trend line with resistance near $43,350 on the hourly chart of the BTC/USD pair. The pair even climbed above the 61.8% Fib retracement level of the downward move from the $44,429 swing high to the $41,636 low.

Bitcoin is now trading above $43,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $43,780 level. It is close to the 76.4% Fib retracement level of the downward move from the $44,429 swing high to the $41,636 low.

Source: BTCUSD on TradingView.com

The first major resistance is $44,000. The main hurdle sits at $44,300. A close above the $44,300 resistance could start a decent move toward the $45,000 level. The next key resistance could be near $45,500, above which BTC could rise toward the $46,500 level.

Another Rejection In BTC?

If Bitcoin fails to rise above the $44,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $43,350 level.

The next major support is near $42,750. If there is a move below $42,750, there is a risk of more losses. In the stated case, the price could drop toward the $42,000 support 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 – $43,350, followed by $42,750.

Major Resistance Levels – $43,750, $44,000, and $44,300.

Disclaimer: The article is provided 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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