BTC/USD is recovering from its opening price of $42,899, and the first digital asset must break through $44,000 resistance above the 9-day and 21-day
BTC/USD is recovering from its opening price of $42,899, and the first digital asset must break through $44,000 resistance above the 9-day and 21-day moving averages in order to begin a new upward trend in the near term. Traders can see from the daily chart that BTC has yet to break above the channel.
The implication is that the market may fall back to retest the $42,500 support level. This is likely if the sellers reclaim the $42,000 critical support level, which, in most cases, sellers may find difficult to penetrate.
Bitcoin Price Prediction: Will BTC Surge This Time?
The daily chart exhibits that the Bitcoin price has risen to a new weekly high, reaching the resistance level of $44,241. Meanwhile, traders can see that the Bitcoin price has remained above the critical level of $44,000. As they prepare to face north, the 9-day MA trend-line is above the green trend-line of the 21-day MA. The Relative Strength Index (14) rises above the 60-level in an attempt to cross to the north.
BTC/USD
The first major resistance is near $45,000, while the main resistance remains near $44,000. As a result, a clear break above $46,000 could set the stage for a larger rally to $48,000, $50,000, and $52,000 resistance levels. On the other hand, if BITCOIN fails to break through the $44,000 resistance level, it may begin a new decline because the initial support on the downside is near the $42,000 level. If the price breaks below the $42,000 and $40,000 supports, it could begin a sharp decline towards the support levels of $38,000, $36,000, and $34,000, respectively.
BTC/USD Technical Outlook
The 4-hour chart for BTC is bullish, as the market has been indicating a bullish trend since the daily opening. However, intraday trading remains bullish, following the recent rebound at $43,789, which has now become a key support level. The next important support levels are $42,500 and lower.
However, given the recent sharp rebound, the Bitcoin price may extend its bullish rally to the $44,000 resistance level. A break above the mentioned resistance level may push the BTC price to $45,500 and higher resistance levels. As of now, the Relative Strength Index (14) is moving around the 70-level, indicating sideways movement.
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