8 February 2024
Bitcoin price is gaining pace above the $44,000 resistance. BTC could rise further if it clears the $44,800 resistance zone in the near term.
Bitcoin price was able to surpass the $43,400 and $43,500 resistance levels.
The price is trading above $44,000 and the 100 hourly Simple moving average.
There was a break above a major rising channel with resistance at $43,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move up if it clears the $44,800 resistance zone.
Bitcoin Price Starts Fresh Increase
Bitcoin price remained well-bid above the $42,500 level. BTC started a fresh increase above the $43,400 and $43,500 resistance levels. Besides, there was a break above a major rising channel with resistance at $43,650 on the hourly chart of the BTC/USD pair.
The pair even surged above the $44,000 resistance zone. It traded to a new weekly high at $44,780 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $42,767 swing low to the $44,780 high.
Bitcoin is now trading above $44,000 and the 100 hourly Simple moving average. Immediate resistance is near the $44,800 level. The next key resistance could be $45,000, above which the price could start another decent increase. The next stop for the bulls may perhaps be $45,750.
Source: BTCUSD on TradingView.com
A clear move above the $45,750 resistance could send the price toward the $46,500 resistance. The next resistance could be near the $47,200 level. A close above the $47,200 level could push the price further higher. The next major resistance sits at $48,500.
Downside Correction In BTC?
If Bitcoin fails to rise above the $44,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $44,300 level.
The first major support is $43,750 and the 50% Fib retracement level of the upward move from the $42,767 swing low to the $44,780 high. If there is a close below $43,750, the price could gain bearish momentum. In the stated case, the price could dive toward the $43,000 support.
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 – $44,300, followed by $43,750.
Major Resistance Levels – $44,800, $45,750, and $45,500.