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Home»Analysis»Bitcoin Price Sees New Bullish Breakout, Can BTC Reach $45K?
Analysis

Bitcoin Price Sees New Bullish Breakout, Can BTC Reach $45K?

2023-12-27No Comments3 Mins Read
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Bitcoin price corrected gains and tested the $42,650 zone. BTC is once again attempting another surge and is eyeing a move above the USD 43,750 resistance.

  • Bitcoin found support above the $42,500 zone and started a new rise.
  • The price is trading below $43,550 and the 100 hourly Simple Moving Average.
  • A connecting bearish trendline is forming with resistance near $43,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a new rise if it overcomes the USD 43,750 and USD 44,300 resistance levels.

Bitcoin price holds steady

Bitcoin price failed to break the USD 44,300 resistance zone and started a downward correction. BTC fell below the USD 43,500 level, but the bulls were active above the USD 42,500 zone.

A low was formed near USD 42,860 and the price is now trying to make a new increase. There was a move above the USD 43,200 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $44,429 swing high to the $42,680 low.

Bitcoin is still trading below $43,550 and the 100 hourly Simple Moving Average. A connecting bearish trendline is also forming with resistance around $43,600 on the hourly chart of the BTC/USD pair.

The trendline is close to the 61.8% Fib retracement level of the downward move from the $44,429 swing high to the $42,680 low. On the upside, immediate resistance is around the $43,550 level. The first major resistance occurs near the trend line.

Bitcoin price

Source: BTCUSD on TradingView.com

A close above the $43,600 resistance could mark a decent move towards the $44,300 level. The next major resistance could be near USD 45,000, above which BTC could rise towards the USD 46,500 level. Any further gains could send the price towards $47,200.

See also  Analyst says that Bitcoin is rapidly approaching 'decision time', emphasizes a factor that can determine the BTC direction

Another drop in BTC?

If Bitcoin fails to rise above the USD 43,600 resistance zone, it could start a new decline. The immediate downside support is near the $43,000 level.

The next major support is near $42,600. If there is a move below $42,600, there is a risk of more losses. In the mentioned case, the price could fall towards the $42,000 support in the short term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

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

Major support levels – USD 43,000, followed by USD 42,600.

Major resistance levels – $43,600, $44,000 and $44,300.

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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45K Bitcoin Breakout BTC Bullish Price Reach Sees
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