Bitcoin price managed to stabilize above $40,750. Currently, the price is running upward and is likely to surpass $45,000. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin price surpassed the $42,800 and $43,000 resistance levels
- Currently, BTC is over $43,000 and the 1-hour candles are above the SMA100
- For the 1-hour chart, Bitcoin has broken the resistance level of a downtrend.
- By surpassing $45,000, the bull run will gain momentum
Bitcoin Price Action Analysis
BTC started a new bullish run below $43,000 but failed. During the price correction, it dipped below the 41,000 support level. The buyers however, provided good support and did not let the sellers bring the price further down.
Subsequently, by forming a double bottom pattern at $40,750, BTC bounced back. By turning bullish, the $42,000 and $42,800 failed to resist. Looking at the 1-hour chart, the price broke the resistance level of a downtrend at $42,400.
Bitcoin price penetrated the 50% Fibonacci retracement level from the latest fall from $45,153 to $40,750. Currently, the price is over $45,000 and the 1-hour candles are above the SMA100.
As of now, BTC is ranging near the 76.4% Fibonacci retracement level. In case of remaining bullish, the first resistance level is at $44,800. The crucial one however, is at $45,000.
In case of a successful breakthrough of $44,800 and $45,000, the bullish run will gain momentum. We can expect the $45,500 and $46,200 to be the next resistance levels to come.
On the other hand, if Bitcoin fails to surpass $45,000, there will be a new downward trend. With that the first support level is at $43,600.
The next support level is at $43,000 near the SMA100. Further decline can bring the price closer to $42,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $44,600, $43,000 are crucial resistance levels to beat.
Support levels: the $44,800, $45,000 and $45,500 are important support levels that will cause further decline if they are broken.
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