Bitcoin price finally surpassed the $42,000 resistance level. It is likely for BTC to break through the $44,000 pretty soon. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin broke through the $42,000 and $43,000 resistance levels.
- Currently the price is still below the $44,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, the resistance level of a crucial downward trend at $42,500 failed to stop the growth.
- It is likely for BTC to break through the $44,000 barrier very soon.
Bitcoin price action analysis
BTC found good support above $42,000 hence found a solid bottom and used it to surpass $42,500.
For the 1-hour chart, BTC successfully surpassed the resistance level of a downward trend at $42,500. Furthermore, the price moved beyond $43,000 and $43,500. At some point, it touched $44,000.
However, the buyers are still struggling to push the price beyond this point. Currently the price is below $44,000 and the 1-hour candles are below the SMA100. BTC has approached the 23.6% Fibonacci retracement level. In case the upward trend continues, the first resistance level will be at $44,000. The $44,200 and the SMA100 will be the next ones down the line.
By successfully breaking through $44,000 and $44,200 a bullish run is expected to follow. The next crucial level will be $45,000 which will lead the price closer to $47,000 in case of surpassing.
On the other hand, if Bitcoin fails to surpass $44,000, there will be another downward trend. In that case, the $43,000 will be the first support level followed by $42,000. This level is closely located near the 50% Fibonacci retracement level. If BTC loses the $42,000 support level, a bearish run will be expected. For that scenario, there will be another retest for the $40k support.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a upward movement.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $44,000, $44,200 and $45,000 are crucial resistance levels to beat.
Support levels: the $43,000 and $42,000 are important support levels that will cause further decline if they are broken.
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