{"id":35859,"date":"2024-02-07T03:53:34","date_gmt":"2024-02-07T07:53:34","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35859"},"modified":"2024-02-07T03:53:34","modified_gmt":"2024-02-07T07:53:34","slug":"bitcoin-price-reclaims-100-sma-but-can-bulls-clear-this-hurdle","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/07\/bitcoin-price-reclaims-100-sma-but-can-bulls-clear-this-hurdle\/","title":{"rendered":"Bitcoin Price Reclaims 100 SMA But Can Bulls Clear This Hurdle"},"content":{"rendered":"

Bitcoin price is consolidating above the $42,500 support zone. BTC could gain bullish momentum if it clears the $43,500 resistance zone.<\/em><\/p>\n

Bitcoin price is still struggling to clear the $43,400 and $43,500 resistance levels.
\nThe price is trading above $42,500 and the 100 hourly Simple moving average.
\nThere is a key rising channel forming with support at $42,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a strong increase if it clears the $43,500 resistance zone.<\/p>\n

Bitcoin Price Aims Higher<\/h2>\n

Bitcoin price formed a base above the $41,800 level and started a steady increase<\/a>. BTC was able to clear the $42,200 and $42,500 resistance levels.<\/p>\n

It also reclaimed the 100 hourly Simple moving average. The price climbed above the 50% Fib retracement level of the downward move from the $43,488 swing high to the $42,320 low. The bulls even pushed the price above the $43,000 level.<\/p>\n

However, the bears seem to be active near the $43,200 level. It is near the 76.4% Fib retracement level of the downward move from the $43,488 swing high to the $42,320 low.<\/p>\n

Bitcoin is now trading above $42,650 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $43,200 level. The next key resistance could be $43,500, above which the price could start a decent increase. The next stop for the bulls may perhaps be $44,200.<\/p>\n

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

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

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

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

If Bitcoin fails to rise above the $43,500 resistance zone, it could start another decline. Immediate support on the downside is near the $42,900 level and the 100 hourly SMA.<\/p>\n

The first major support is $42,450 and the channel trend line. If there is a close below $42,450, the price could gain bearish momentum. In the stated case, the price could dive toward the $41,800 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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $42,900, followed by $42,450.<\/p>\n

Major Resistance Levels \u2013 $43,200, $43,400, and $43,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is consolidating above the $42,500 support zone. BTC could gain bullish momentum if it clears the $43,500 resistance zone.<\/em><\/p>\n

Bitcoin price is still struggling to clear the $43,400 and $43,500 resistance levels.
\nThe price is trading above $42,500 and the 100 hourly Simple moving average.
\nThere is a key rising channel forming with support at $42,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a strong increase if it clears the $43,500 resistance zone.<\/p>\n

Bitcoin Price Aims Higher<\/h2>\n

Bitcoin price formed a base above the $41,800 level and started a steady increase<\/a>. BTC was able to clear the $42,200 and $42,500 resistance levels.<\/p>\n

It also reclaimed the 100 hourly Simple moving average. The price climbed above the 50% Fib retracement level of the downward move from the $43,488 swing high to the $42,320 low. The bulls even pushed the price above the $43,000 level.<\/p>\n

However, the bears seem to be active near the $43,200 level. It is near the 76.4% Fib retracement level of the downward move from the $43,488 swing high to the $42,320 low.<\/p>\n

Bitcoin is now trading above $42,650 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $43,200 level. The next key resistance could be $43,500, above which the price could start a decent increase. The next stop for the bulls may perhaps be $44,200.<\/p>\n

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

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

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

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

If Bitcoin fails to rise above the $43,500 resistance zone, it could start another decline. Immediate support on the downside is near the $42,900 level and the 100 hourly SMA.<\/p>\n

The first major support is $42,450 and the channel trend line. If there is a close below $42,450, the price could gain bearish momentum. In the stated case, the price could dive toward the $41,800 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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $42,900, followed by $42,450.<\/p>\n

Major Resistance Levels \u2013 $43,200, $43,400, and $43,500.<\/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-35859","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\/35859","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=35859"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35859\/revisions"}],"predecessor-version":[{"id":35868,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35859\/revisions\/35868"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35859"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}