{"id":34148,"date":"2023-12-14T03:52:35","date_gmt":"2023-12-14T07:52:35","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=34148"},"modified":"2023-12-14T03:52:35","modified_gmt":"2023-12-14T07:52:35","slug":"bitcoin-price-rips-higher-but-43k-is-the-key-to-more-upsides","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/14\/bitcoin-price-rips-higher-but-43k-is-the-key-to-more-upsides\/","title":{"rendered":"Bitcoin Price Rips Higher But $43K Is The Key To More Upsides"},"content":{"rendered":"

Bitcoin price formed a base above the $40,000 support zone. BTC is now struggling to clear the $43,000 resistance zone and consolidating.<\/em><\/p>\n

Bitcoin started a fresh increase from the $40,000 support base.
\nThe price is trading above $42,000 and the 100 hourly Simple moving average.
\nThere was a break above a connecting bearish trend line with resistance near $41,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move up if there is a clear move above the $43,000 resistance.<\/p>\n

Bitcoin Price Regains Strength<\/h2>\n

Bitcoin price remained well-bid above the $40,000 support zone<\/a>. BTC formed a base and recently started a fresh increase above the $41,000 resistance.<\/p>\n

There was a break above a connecting bearish trend line with resistance near $41,050 on the hourly chart of the BTC\/USD pair. The pair gained strength above the 50% Fib retracement level of the key drop from the $44,699 swing high to the $39,999 low.<\/p>\n

Finally, the price tested the $43,000 resistance zone. Bitcoin spiked above the 61.8% Fib retracement level of the key drop from the $44,699 swing high to the $39,999 low.<\/p>\n

BTC is now trading above $42,000 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $43,200 level. The first major resistance is forming near $43,500. A close above the $43,500 resistance might start a steady increase.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next key resistance could be near $44,500, above which BTC could rise toward the $45,000 level. A clear move above the $45,000 level could set the pace for a test of $46,500.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $43,200 resistance zone, it could start another decline. Immediate support on the downside is near the $42,500 level and the 100 hourly Simple moving average.<\/p>\n

The next major support is near $42,000, below which the price might test the $41,200 zone. If there is a move below $41,200, there is a risk of more losses. In the stated case, the price could drop toward the $40,000 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $42,500, followed by $42,000.<\/p>\n

Major Resistance Levels \u2013 $43,200, $44,000, and $45,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price formed a base above the $40,000 support zone. BTC is now struggling to clear the $43,000 resistance zone and consolidating.<\/em><\/p>\n

Bitcoin started a fresh increase from the $40,000 support base.
\nThe price is trading above $42,000 and the 100 hourly Simple moving average.
\nThere was a break above a connecting bearish trend line with resistance near $41,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move up if there is a clear move above the $43,000 resistance.<\/p>\n

Bitcoin Price Regains Strength<\/h2>\n

Bitcoin price remained well-bid above the $40,000 support zone<\/a>. BTC formed a base and recently started a fresh increase above the $41,000 resistance.<\/p>\n

There was a break above a connecting bearish trend line with resistance near $41,050 on the hourly chart of the BTC\/USD pair. The pair gained strength above the 50% Fib retracement level of the key drop from the $44,699 swing high to the $39,999 low.<\/p>\n

Finally, the price tested the $43,000 resistance zone. Bitcoin spiked above the 61.8% Fib retracement level of the key drop from the $44,699 swing high to the $39,999 low.<\/p>\n

BTC is now trading above $42,000 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $43,200 level. The first major resistance is forming near $43,500. A close above the $43,500 resistance might start a steady increase.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next key resistance could be near $44,500, above which BTC could rise toward the $45,000 level. A clear move above the $45,000 level could set the pace for a test of $46,500.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $43,200 resistance zone, it could start another decline. Immediate support on the downside is near the $42,500 level and the 100 hourly Simple moving average.<\/p>\n

The next major support is near $42,000, below which the price might test the $41,200 zone. If there is a move below $41,200, there is a risk of more losses. In the stated case, the price could drop toward the $40,000 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $42,500, followed by $42,000.<\/p>\n

Major Resistance Levels \u2013 $43,200, $44,000, and $45,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34148","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34148"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34148\/revisions"}],"predecessor-version":[{"id":34155,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34148\/revisions\/34155"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34148"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}