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.

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