Bitcoin Price Aims Higher, Decoding Key Hurdles To Fresh Increase

Bitcoin price is consolidating above the $42,250 support zone. BTC could start a decent increase if it clears the $43,000 and $43,400 resistance levels.

• Bitcoin price failed again to clear the $43,400 resistance zone and corrected lower.
• The price is trading below $43,000 and the 100 hourly Simple moving average.
• There is a major rising channel forming with support at $42,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to decline if there is a clear move below the $42,250 support.

Bitcoin Price Holds Support

Bitcoin price made another attempt to clear the $43,400 and $43,500 resistance levels. However, BTC struggled to extend its gains and recently started another decline below $43,000.

There was a move below the $42,800 support. A low is formed near $42,320 and the price is now consolidating losses. There is also a major rising channel forming with support at $42,400 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $43,000 and the 100 hourly Simple moving average. Immediate resistance is near the $42,900 level. It is near the 50% Fib retracement level of the downward wave from the $43,489 swing high to the $42,320 low.

The next key resistance could be $43,200 and the 76.4% Fib retracement level of the downward wave from the $43,489 swing high to the $42,320 low, above which the price could start a decent increase.

Source: BTCUSD on TradingView.com

The next stop for the bulls may perhaps be $43,500. A clear move above the $43,500 resistance could send the price toward the $44,000 resistance. The next resistance is now forming near the $44,200 level. A close above the $44,200 level could push the price further higher. The next major resistance sits at $45,000.

Downside Break In BTC?

If Bitcoin fails to rise above the $43,000 resistance zone, it could start another decline. Immediate support on the downside is near the $42,320 level.

The first major support is $42,250. If there is a close below $42,250, the price could gain bearish momentum. In the stated case, the price could dive toward the $41,200 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 – $42,320, followed by $42,250.

Major Resistance Levels – $43,000, $43,250, and $43,500.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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