{"id":35623,"date":"2024-01-31T04:52:35","date_gmt":"2024-01-31T08:52:35","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35623"},"modified":"2024-01-31T04:52:35","modified_gmt":"2024-01-31T08:52:35","slug":"bitcoin-bulls-keep-pushing-why-increase-isnt-over-yet","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/31\/bitcoin-bulls-keep-pushing-why-increase-isnt-over-yet\/","title":{"rendered":"Bitcoin Bulls Keep Pushing, Why Increase Isn\u2019t Over Yet"},"content":{"rendered":"

Bitcoin price is attempting a fresh increase above the $42,500 resistance. BTC is showing bullish signs and might rally further above the $43,800 resistance.<\/em><\/p>\n

Bitcoin price is consolidating gains above the $42,500 resistance zone.
\nThe price is trading above $42,750 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $42,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to rise if it clears the $43,250 and $43,800 resistance levels.<\/p>\n

Bitcoin Price Holds Ground<\/h2>\n

Bitcoin price started a decent increase<\/a> above the $42,000 resistance zone. BTC was able to clear the $42,500 and $43,200 resistance levels. However, the bears were active near the $43,800 zone.<\/p>\n

A new weekly high was formed near $43,779 before the price started a short-term downside correction. There was a drop below the $43,200 level. It broke the 23.6% Fib retracement level of the upward wave from the $41,650 swing low to the $43,779 high.<\/p>\n

Bitcoin is now trading above $42,750 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $42,650 on the hourly chart of the BTC\/USD pair. The trend line is near the 61.8% Fib retracement level of the upward wave from the $41,650 swing low to the $43,779 high.<\/p>\n

Immediate resistance is near the $43,250 level. The next key resistance could be $43,800, above which the price could start a decent increase. The next stop for the bulls may perhaps be $44,500.<\/p>\n

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

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

A clear move above the $44,500 resistance could send the price toward the $45,000 resistance. The next resistance is now forming near the $45,200 level. A close above the $45,200 level could push the price further higher. The next major resistance sits at $46,500.<\/p>\n

Another Bearish Wave In BTC?<\/h2>\n

If Bitcoin fails to rise above the $43,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $42,800 level.<\/p>\n

The next major support is $42,650 or the trend line. The main support could be $42,400 and the 100 hourly SMA. If there is a close below $42,400, the price could gain bearish momentum. In the stated case, the price could dive toward the $41,200 support.<\/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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $42,650, followed by $42,400.<\/p>\n

Major Resistance Levels \u2013 $43,250, $43,800, and $44,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is attempting a fresh increase above the $42,500 resistance. BTC is showing bullish signs and might rally further above the $43,800 resistance.<\/em><\/p>\n

Bitcoin price is consolidating gains above the $42,500 resistance zone.
\nThe price is trading above $42,750 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $42,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to rise if it clears the $43,250 and $43,800 resistance levels.<\/p>\n

Bitcoin Price Holds Ground<\/h2>\n

Bitcoin price started a decent increase<\/a> above the $42,000 resistance zone. BTC was able to clear the $42,500 and $43,200 resistance levels. However, the bears were active near the $43,800 zone.<\/p>\n

A new weekly high was formed near $43,779 before the price started a short-term downside correction. There was a drop below the $43,200 level. It broke the 23.6% Fib retracement level of the upward wave from the $41,650 swing low to the $43,779 high.<\/p>\n

Bitcoin is now trading above $42,750 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $42,650 on the hourly chart of the BTC\/USD pair. The trend line is near the 61.8% Fib retracement level of the upward wave from the $41,650 swing low to the $43,779 high.<\/p>\n

Immediate resistance is near the $43,250 level. The next key resistance could be $43,800, above which the price could start a decent increase. The next stop for the bulls may perhaps be $44,500.<\/p>\n

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

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

A clear move above the $44,500 resistance could send the price toward the $45,000 resistance. The next resistance is now forming near the $45,200 level. A close above the $45,200 level could push the price further higher. The next major resistance sits at $46,500.<\/p>\n

Another Bearish Wave In BTC?<\/h2>\n

If Bitcoin fails to rise above the $43,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $42,800 level.<\/p>\n

The next major support is $42,650 or the trend line. The main support could be $42,400 and the 100 hourly SMA. If there is a close below $42,400, the price could gain bearish momentum. In the stated case, the price could dive toward the $41,200 support.<\/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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $42,650, followed by $42,400.<\/p>\n

Major Resistance Levels \u2013 $43,250, $43,800, and $44,500.<\/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-35623","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\/35623","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=35623"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35623\/revisions"}],"predecessor-version":[{"id":35630,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35623\/revisions\/35630"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35623"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}