Bitcoin’s price is on an upward trajectory, recently breaking through the $43,500 resistance level. BTC remains in a robust uptrend and shows potential for further gains, potentially surpassing the $45,000 mark.
The upward momentum continued as Bitcoin surpassed the $43,500 resistance zone.
The current price is above $43,000, maintaining position above the 100 hourly Simple Moving Average.
On the hourly chart of the BTC/USD pair (data sourced from Kraken), a bullish trend line is forming, providing support around $43,100.
For a sustained upward movement, it’s crucial for the price to close above $44,500 and $45,000. This would likely signal a continuation of the positive trend.
Bitcoin’s Value Reasserts Its Strength
The Bitcoin price demonstrated stability above the $42,000 resistance area, and it gained bullish momentum to surpass the $43,000 and $43,500 resistance levels, successfully clearing the crucial $43,500 barrier.
Subsequently, the price reached a high around $44,300, and while currently undergoing a corrective phase, it remains above the $43,000 level and the 100 hourly Simple Moving Average. A connecting bullish trend line, with support around $43,100 on the hourly chart of the BTC/USD pair, adds further reinforcement.
Despite a minor dip below the $44,000 level, the price is still holding above the 23.6% Fibonacci retracement level of the recent upswing from the $41,828 swing low to the $44,300 high.
The present price action, combined with the recent breakout, suggests the potential for further upward movements. Immediate resistance is evident around the $44,000 level, with more substantial hurdles at $44,300 and $44,500. A successful close above the $44,500 resistance could pave the way for a move beyond $45,000.
![](https://sollcrypto.com/wp-content/uploads/2023/12/Screen-Shot-2023-12-21-at-8.12.44-AM.png)
The upcoming significant resistance level is likely to be around $46,500, and a breakthrough above this point might propel BTC towards the $47,200 level. Subsequently, the next major objective for bullish momentum could be set at $48,000.
Is Bitcoin Headed for Another Downturn?
If Bitcoin is unable to surpass the $44,500 resistance zone, there is a potential for further downward movement. Immediate support on the downside is situated around the $43,200 level.
The subsequent significant support is approximately $43,000 or the 50% Fibonacci retracement level of the recent upswing from the $41,828 swing low to the $44,300 high. A breach below $43,000 poses the risk of additional losses, potentially leading the price towards the $42,000 support in the short term.
Technical indicators:
- Hourly MACD – The MACD is showing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently above the 50 level.
Key Support Levels – $43,100, followed by $43,000.
Key Resistance Levels – $44,300, $44,500, and $45,000.
Disclaimer: This article is provided for educational purposes only. It does not reflect the opinions of NewsBTC on whether to buy, sell, or hold any investments. Investing inherently carries risks, and it is recommended to conduct your own research before making any investment decisions. Use the information provided on this website entirely at your own risk.