Bitcoin Price Shows Bullish Momentum, Eyes $45,000 Resistance

Bitcoin Price Shows Bullish Momentum, Eyes $45,000 Resistance

Bitcoin price is gaining momentum as it surpasses key resistance levels. After breaking above the $44,000 resistance, BTC is now eyeing the next hurdle at $44,800. If this level is cleared, Bitcoin could continue its upward movement in the near term.

Bitcoin price started its upward journey by surpassing the $43,400 and $43,500 resistance levels. The coin also broke above a major rising channel with resistance at $43,650 on the hourly chart of BTC/USD.

This break allowed BTC to surge above the $44,000 resistance zone, reaching a new weekly high at $44,780. The coin is now consolidating its gains and trading above the 23.6% Fib retracement level of the upward move, indicating a strong bullish sentiment.

Immediate Support and Resistance Levels

Bitcoin is currently trading above $44,000 and the 100 hourly Simple Moving Average (SMA). The immediate resistance level is near $44,800, followed by a potential breakthrough at $45,000. If Bitcoin successfully surpasses these levels, it could trigger another significant increase, with the next target being $45,750.

On the other hand, if BTC fails to move beyond the $44,800 resistance zone, it may experience a downside correction. The initial support is anticipated at the $44,300 level, followed by the first major support at $43,750, which coincides with the 50% Fib retracement level.

Failure to hold above $43,750 could prompt a bearish momentum, potentially pushing the price towards the $43,000 support level.

A clear move above the $45,750 resistance level would signal a strong bullish sentiment and could catapult Bitcoin towards the $46,500 resistance. Once above this level, the next potential resistance comes in near $47,200.

If BTC manages to close above $47,200, it could lead to further upward movement, with the next major resistance level standing at $48,500.

Technical Indicators

Based on technical indicators, the MACD is currently in the bullish zone, showing an increasing pace. The RSI for BTC/USD has also surpassed the 50 level, indicating a strong bullish trend.

Bitcoin price has showcased bullish momentum, successfully surpassing key resistance levels. With the recent breakthrough above $44,000, BTC is now eyeing the $44,800 resistance. If this level is cleared, Bitcoin could continue its upward movement towards higher resistance levels. However, failure to break above $44,800 may lead to a downside correction. Investors are advised to conduct their own research and exercise caution when making investment decisions.

Analysis

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