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.
Read also: IG Group’s South Africa CEO Exit Amid Global Workforce Cut
