Bitcoin Price Starts 2024 In A Range, Can The Bulls Take Over?

Bitcoin price is holding gains above the $41,500 zone. BTC is rising and might gain bullish momentum above the $43,200 resistance zone.

• Bitcoin is attempting a fresh increase above the $42,500 resistance zone.
• The price is trading above $42,200 and the 100 hourly Simple moving average.
• There is a key bullish trend line forming with support near $42,280 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to rise if there is a close above the $43,200 resistance zone.

Bitcoin Price Remains Supported

Bitcoin price declined and broke the $42,200 support zone. BTC formed a base above the $41,200 level and recently started a fresh increase.

A low was formed at $41,317 and the price is now rising. There was a move above the $42,000 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $43,792 swing high to the $41,317 low.

Bitcoin is now trading above $42,200 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $42,280 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $42,800 level. It is close to the 61.8% Fib retracement level of the downward move from the $43,792 swing high to the $41,317 low. The first major resistance is $43,200. A close above the $43,200 level could send the price further higher.

Source: BTCUSD on TradingView.com

The main hurdle sits at $43,800. A close above the $43,800 resistance could start a decent move toward the $44,500 level. The next key resistance could be near $45,000, above which BTC could rise toward the $46,200 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $43,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,250 level and the trend line.

The next major support is near $41,620. If there is a move below $41,620, there is a risk of more losses. In the stated case, the price could drop toward the $40,500 support in the near term.

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 – $42,250, followed by $41,620.

Major Resistance Levels – $42,800, $43,200, and $43,800.

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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• Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-starts-2024-range/