Bitcoin Price Continues to Surge, Nearing $45,000
Bitcoin’s price rally has extended above the $43,200 resistance, with the cryptocurrency now consolidating gains and potentially rallying further towards the $45,000 zone. This surge comes amid a steady uptrend that has seen Bitcoin gain over 15% in the past few days.
The price surge has also seen Bitcoin trading above $43,200 and the 100 hourly Simple Moving Average. Additionally, two bullish trend lines are forming with support near $43,200 and $41,800 on the hourly chart of the BTC/USD pair.
At its peak, Bitcoin reached a new multi-month high of $44,465 before correcting gains. The price is still holding above the 23.6% Fib retracement level of the upward move from the $39,476 swing low to the $44,465 high.
Looking ahead, immediate resistance is near the $44,200 level, with the potential for further resistance near $44,450 and $45,000. A close above the $45,000 resistance could propel the price even higher, with the possibility of reaching the $46,400 and $48,000 levels.
On the downside, if Bitcoin fails to rise above the $44,500 resistance, it could start a downside correction, with immediate support near the $43,250 level and the next major support near $42,800.
In terms of technical indicators, the MACD is gaining pace in the bullish zone, and the RSI for BTC/USD is now above the 50 level.
Historically, Bitcoin has experienced significant price fluctuations, with notable highs and lows. In 2017, the cryptocurrency saw a meteoric rise in value, reaching almost $20,000 in December of that year, only to experience a sharp decline in the following months.
In conclusion, Bitcoin’s price rally above the $43,200 resistance has sparked optimism among investors, with the potential for further gains towards the $45,000 zone and beyond. However, it’s important to closely monitor support and resistance levels for any potential downside corrections.
