Bitcoin Price Remains Strong and Eyes Fresh Surge Above $44K
08 Dezember 2023 - 2:44PM
NEWSBTC
Bitcoin price corrected lower and tested the $42,800 support zone.
BTC is now showing positive signs and might attempt a fresh surge
above $44,000. Bitcoin is holding gains above the $42,500 pivot
level. The price is trading above $42,800 and the 100 hourly Simple
moving average. There is a key bullish trend line forming with
support near $42,900 on the hourly chart of the BTC/USD pair (data
feed from Kraken). The pair is likely setting up for a fresh
increase above the $44,000 level. Bitcoin Price Eyes Fresh Increase
Bitcoin price started a downside correction below the $44,000
level. BTC declined below the $43,500 level, but the bulls remained
active. The price found bids near the 50% Fib retracement level of
the upward move from the $41,427 swing low to the $44,465 high.
Bitcoin is still trading above $42,800 and the 100 hourly Simple
moving average. There is also a key bullish trend line forming with
support near $42,900 on the hourly chart of the BTC/USD pair. The
price is now rising and showing positive signs above the $43,000
level. On the upside, immediate resistance is near the $44,200
level. The first major resistance is forming near $44,450, above
which the price might gain bullish momentum and rise toward
$45,000. Source: BTCUSD on TradingView.com A close above the
$45,000 resistance might start a strong upward move. The next key
resistance could be near $46,000, above which BTC could rise toward
the $47,200 level. Are Dips Limited In BTC? If Bitcoin fails to
rise above the $44,450 resistance zone, it could start another
decline. Immediate support on the downside is near the $42,900
level and the trend line. The next major support is near $42,580 or
the 61.8% Fib retracement level of the upward move from the $41,427
swing low to the $44,465 high, below which the price might test the
$42,150 zone. If there is a move below $42,150, there is a risk of
more downsides. In the stated case, the price could drop toward the
$41,500 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 – $42,900, followed by $42,150. Major
Resistance Levels – $44,250, $44,450, and $45,000.
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