Bitcoin Price Analysis: BTC Could Rally If It Clears This Hurdle

Bitcoin price is rising from $40,500 against the US Dollar. BTC might eye another increase if the bulls remain active above the $41,200 zone.

Bitcoin Price Analysis: Btc Could Rally If It Clears This Hurdle_65d5cf372c12d.webp
  • Bitcoin price is attempting a fresh increase from the $40,500 zone against the US Dollar.
  • The price is now trading above $42,000 and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $42,000 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it clears the $43,500 resistance zone.

Bitcoin price is rising from $40,500 against the US Dollar. BTC might eye another increase if the bulls remain active above the $41,200 zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline after it failed to clear the $45,000 resistance. BTC declined below the $43,500 and $42,000 support levels to enter a short-term bearish zone.

There was also a move below the $41,200 level. A low was formed near $40,150 and the price is now attempting a fresh increase. The bulls were able to push the price above the $41,200 level. The price is now above the 50% Fib retracement level of the downward wave from the $44,754 swing high to the $40,150 low.

There was a break above a key bearish trend line with resistance near $42,000 on the 4-hour chart of the BTC/USD pair. Bitcoin price is now trading above $42,500 and the 55 simple moving average (4 hours).

Immediate resistance on the upside is near the $43,000 level. The next major resistance might be near the $43,500 zone or the 76.4% Fib retracement level of the downward wave from the $44,754 swing high to the $40,150 low. A clear move above the $43,500 and $43,550 resistance levels might send the price toward $44,500.

Any more gains might push the price toward the $45,000 zone. If there is no upside break, the price might start a fresh decline below the $42,000 level.

The first major support is $41,200. The next key support is near the $40,500 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $38,500 level.

Bitcoin Price
Bitcoin Price

Looking at the chart, Bitcoin’s price is trading above $42,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $43,500 resistance zone.

Technical Indicators

  • 4 hours MACD – The MACD is now losing momentum in the bearish zone.
  • 4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
  • Key Support Levels – $41,200 and $40,500.
  • Key Resistance Levels – $43,000, $43,500, and $44,500.

5.0/5

(100 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Bitcoin Dip 64500

News | Bitcoin | Editor Choice

Bitcoin Dips to $64,500, Yet Scarcity Remains High

Despite Bitcoin dipping slightly to $64,500 currently, most experts believe that prices will soon enter a bullish cycle.

Bitcoin Ath 2 Weeks

News | Bitcoin | Editor Choice

Bitcoin Nearing $70,000, Potential ATH in Coming Weeks

Bitcoin has been trading within a narrow range post-Halving, with many analysts suggesting the price could reach ATH in the next 1-2 weeks.

Azcnews Blackrock Etf

News | Bitcoin | Editor Choice

Bitcoin Hits $67,000 as BlackRock Grows for 70 Consecutive Days

BlackRock's Bitcoin spot ETF has registered 70 consecutive days of net inflows, propelling this instrument into the top 10 exchange-traded funds with the longest daily inflow streaks.

Bitcoin Is Profitable

News | Bitcoin | Editor Choice

A Great Buying Opportunity as 88% of Bitcoin Is Profitable

With Bitcoin surpassing the $65,000 mark, investors predict that the market bottom might have formed. The MVRV ratio is signaling a buying opportunity with a potential profit increase of 67%.

Successful Bitcoin Halving

Altcoin | Bitcoin | Editor Choice

Crypto Weekly (15/04 – 21/04): Successful Bitcoin Halving with Minimal Price Fluctuations

The crypto market last week saw particular attention due to the once-every-four-years event, Bitcoin Halving, along with the approval of Bitcoin and Ethereum ETFs in Hong Kong.