Bitcoin Price Outperforms – Key Reasons Why Bulls Still Aim $48K

Bitcoin price is moving higher and recently broke the $43,500 resistance. BTC is still in a strong uptrend and might gain pace for a move above $45,000.

• Bitcoin extended its increase and climbed above the $43,500 resistance zone.
• The price is trading above $43,000 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support near $43,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to move up if there is a close above $44,500 and $45,000.

Bitcoin Price Regains Strength

Bitcoin price remained stable above the $42,000 resistance zone. BTC gained bullish momentum and climbed above the $43,000 resistance zone. It even cleared the key $43,500 barrier.

Finally, the price tested the $44,300 level. A high is formed near $44,300 and the price is now correcting gains. There was a minor decline below the $44,000 level. The price dipped below the 23.6% Fib retracement level of the recent increase from the $41,828 swing low to the $44,300 high.

Bitcoin is now trading above $43,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $43,100 on the hourly chart of the BTC/USD pair.

The current price action and the recent breakout calls for more gains. On the upside, immediate resistance is near the $44,000 level. The first major resistance is forming near $44,300 and $44,500. A close above the $44,500 resistance could set the pace for a move above $45,000.

Source: BTCUSD on TradingView.com

The next key resistance could be near $46,500, above which BTC could rise toward the $47,200 level. The next major target for the bulls could be $48,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $44,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $43,200 level.

The next major support is near $43,000 or the 50% Fib retracement level of the recent increase from the $41,828 swing low to the $44,300 high. If there is a move below $43,000, there is a risk of more losses. In the stated case, the price could drop toward the $42,000 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 – $43,100, followed by $43,000.

Major Resistance Levels – $44,300, $44,500, and $45,000.

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.