{"id":34184,"date":"2023-12-15T03:52:55","date_gmt":"2023-12-15T07:52:55","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34184"},"modified":"2023-12-15T03:52:55","modified_gmt":"2023-12-15T07:52:55","slug":"bitcoin-price-uptrend-to-continue-these-could-be-the-factors-to-watch","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/15\/bitcoin-price-uptrend-to-continue-these-could-be-the-factors-to-watch\/","title":{"rendered":"Bitcoin Price Uptrend To Continue? These Could Be The Factors To Watch"},"content":{"rendered":"

Bitcoin price is attempting a fresh increase above the $42,200 level. BTC could surge once it clears the $43,350 resistance zone in the near term.<\/em><\/p>\n

Bitcoin started a fresh increase above the $42,000 support zone.
\nThe price is trading above $42,200 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $42,400 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 $43,350 resistance.<\/p>\n

Bitcoin Price Aims Higher<\/h2>\n

Bitcoin price started a decent increase<\/a> above the $41,500 level. BTC was able to clear the $42,000 resistance zone to enter a positive zone. The bulls were able to push the price above the $43,000 zone.<\/p>\n

However, the price seems to be struggling near the $43,350 zone. A high was formed near $43,421 and the price is now consolidating gains. There was a sharp downside correction below the $42,500 level. The price even spiked below the 50% Fib retracement level of the upward move from the $40,606 swing low to the $43,421 high.<\/p>\n

However, the bulls were active near the $41,500 zone. They protected the 61.8% Fib retracement level of the upward move from the $40,606 swing low to the $43,421 high.<\/p>\n

Bitcoin is now trading above $42,200 and the 100 hourly Simple moving average<\/a>. Besides, there is a key bullish trend line forming with support near $42,400 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $43,300 level.<\/p>\n

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

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

The first major resistance is forming near $43,350. A close above the $43,350 resistance might start a steady increase. The next key resistance could be near $44,200, 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 Drop In BTC?<\/h2>\n

If Bitcoin fails to rise above the $43,350 resistance zone, it could start another decline. Immediate support on the downside is near the $42,400 level and the trend line.<\/p>\n

The next major support is near $42,000 and the 100 hourly Simple moving average, below which the price might test the $41,500 zone. If there is a move below $41,500, there is a risk of more losses. In the stated case, the price could drop toward the $40,600 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 $42,400, followed by $42,000.<\/p>\n

Major Resistance Levels \u2013 $43,350, $44,200, and $45,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is attempting a fresh increase above the $42,200 level. BTC could surge once it clears the $43,350 resistance zone in the near term.<\/em><\/p>\n

Bitcoin started a fresh increase above the $42,000 support zone.
\nThe price is trading above $42,200 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $42,400 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 $43,350 resistance.<\/p>\n

Bitcoin Price Aims Higher<\/h2>\n

Bitcoin price started a decent increase<\/a> above the $41,500 level. BTC was able to clear the $42,000 resistance zone to enter a positive zone. The bulls were able to push the price above the $43,000 zone.<\/p>\n

However, the price seems to be struggling near the $43,350 zone. A high was formed near $43,421 and the price is now consolidating gains. There was a sharp downside correction below the $42,500 level. The price even spiked below the 50% Fib retracement level of the upward move from the $40,606 swing low to the $43,421 high.<\/p>\n

However, the bulls were active near the $41,500 zone. They protected the 61.8% Fib retracement level of the upward move from the $40,606 swing low to the $43,421 high.<\/p>\n

Bitcoin is now trading above $42,200 and the 100 hourly Simple moving average<\/a>. Besides, there is a key bullish trend line forming with support near $42,400 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $43,300 level.<\/p>\n

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

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

The first major resistance is forming near $43,350. A close above the $43,350 resistance might start a steady increase. The next key resistance could be near $44,200, 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 Drop In BTC?<\/h2>\n

If Bitcoin fails to rise above the $43,350 resistance zone, it could start another decline. Immediate support on the downside is near the $42,400 level and the trend line.<\/p>\n

The next major support is near $42,000 and the 100 hourly Simple moving average, below which the price might test the $41,500 zone. If there is a move below $41,500, there is a risk of more losses. In the stated case, the price could drop toward the $40,600 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 $42,400, followed by $42,000.<\/p>\n

Major Resistance Levels \u2013 $43,350, $44,200, 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-34184","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\/34184","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=34184"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34184\/revisions"}],"predecessor-version":[{"id":34192,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34184\/revisions\/34192"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34184"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}