NewsBTC
2023-12-21 03:11:21

Bitcoin Price Outperforms – Key Reasons Why Bulls Still Aim $48K

Bitcoin price is moving higher and recently broke the $43,500 resistance. BTC is still in a strong uptrend and might gain pace for a move above $45,000. Bitcoin extended its increase and climbed above the $43,500 resistance zone. The price is trading above $43,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support near $43,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move up if there is a close above $44,500 and $45,000. Bitcoin Price Regains Strength Bitcoin price remained stable above the $42,000 resistance zone. BTC gained bullish momentum and climbed above the $43,000 resistance zone. It even cleared the key $43,500 barrier. Finally, the price tested the $44,300 level. A high is formed near $44,300 and the price is now correcting gains. There was a minor decline below the $44,000 level. The price dipped below the 23.6% Fib retracement level of the recent increase from the $41,828 swing low to the $44,300 high. Bitcoin is now trading above $43,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $43,100 on the hourly chart of the BTC/USD pair. The current price action and the recent breakout calls for more gains. On the upside, immediate resistance is near the $44,000 level. The first major resistance is forming near $44,300 and $44,500. A close above the $44,500 resistance could set the pace for a move above $45,000. Source: BTCUSD on TradingView.com The next key resistance could be near $46,500, above which BTC could rise toward the $47,200 level. The next major target for the bulls could be $48,000. Another Decline In BTC? If Bitcoin fails to rise above the $44,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $43,200 level. The next major support is near $43,000 or the 50% Fib retracement level of the recent increase from the $41,828 swing low to the $44,300 high. If there is a move below $43,000, there is a risk of more losses. In the stated case, the price could drop toward the $42,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $43,100, followed by $43,000. Major Resistance Levels – $44,300, $44,500, and $45,000.