Bitcoin Corrects Gains, Why Dips Remain Attractive To Bulls

Bitcoin price started a fresh increase above the $40,000 resistance zone against the US Dollar. BTC tested the $45,000 resistance zone before it started a downside correction.

Bitcoin gained traction above the $40,000 and $43,500 resistance levels.
The price is now trading above $42,000 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $44,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is correcting gains, but the bulls are likely to remain active near $42,000.

Bitcoin Price Remains Supported
Bitcoin price started a strong rally above the $40,000 resistance, after ethereum’s surge. BTC surpassed the $41,200 resistance zone to move into a positive zone.
There was a clear break above the $42,000 barrier and a close above the 100 hourly simple moving average. Finally, there was a break above the $43,500 resistance zone. The pair tested the $45,000 resistance and a high was formed near $45,339.
Recently, there was a downside correction below $45,000. The pair traded below the $44,000 support zone. There was also a break below a key bullish trend line with support near $44,500 on the hourly chart of the BTC/USD pair.
The pair traded below the 23.6% Fib retracement level of the recent rally from the $37,365 swing low to $45,339 high. It is now consolidating near the $43,000 support zone. On the upside, an initial resistance is near the $44,000 level. The first key resistance is near the $45,000 level.

Source: BTCUSD on TradingView.com
Therefore, a close above the $45,000 resistance zone might trigger another increase. The next major resistance is near the $46,500 level. Any more gains could lead the price towards the $48,000 level.
Dips Supported in BTC?
If bitcoin fails to climb above the $44,000 and $45,000 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $43,000 level.
The first major support is now near the $42,000 zone and the 100 hourly SMA. The main support is near the $41,200 level. It is near the 50% Fib retracement level of the recent rally from the $37,365 swing low to $45,339 high.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $42,000, followed by $41,200.
Major Resistance Levels – $44,000, $44,500 and $45,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 66,421.80
ethereum
Ethereum (ETH) $ 3,613.33
tether
Tether (USDT) $ 0.999952
bnb
BNB (BNB) $ 607.94
solana
Solana (SOL) $ 149.26
staked-ether
Lido Staked Ether (STETH) $ 3,614.14
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.487601
dogecoin
Dogecoin (DOGE) $ 0.136463
the-open-network
Toncoin (TON) $ 7.95
cardano
Cardano (ADA) $ 0.415272
shiba-inu
Shiba Inu (SHIB) $ 0.000021
avalanche-2
Avalanche (AVAX) $ 29.89
tron
TRON (TRX) $ 0.117986
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,578.84
chainlink
Chainlink (LINK) $ 15.02
polkadot
Polkadot (DOT) $ 6.35
uniswap
Uniswap (UNI) $ 11.32
bitcoin-cash
Bitcoin Cash (BCH) $ 424.69
near
NEAR Protocol (NEAR) $ 5.65
litecoin
Litecoin (LTC) $ 78.66
matic-network
Polygon (MATIC) $ 0.614789
wrapped-eeth
Wrapped eETH (WEETH) $ 3,756.78
leo-token
LEO Token (LEO) $ 5.87
dai
Dai (DAI) $ 0.999423
pepe
Pepe (PEPE) $ 0.000012
internet-computer
Internet Computer (ICP) $ 9.47
kaspa
Kaspa (KAS) $ 0.158708
ethereum-classic
Ethereum Classic (ETC) $ 25.28
fetch-ai
Fetch.ai (FET) $ 1.46
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,599.78
aptos
Aptos (APT) $ 7.84
ethena-usde
Ethena USDe (USDE) $ 1.00
monero
Monero (XMR) $ 175.97
render-token
Render (RNDR) $ 8.34
hedera-hashgraph
Hedera (HBAR) $ 0.085949
filecoin
Filecoin (FIL) $ 5.21
mantle
Mantle (MNT) $ 0.896793
stellar
Stellar (XLM) $ 0.098626
cosmos
Cosmos Hub (ATOM) $ 7.18
okb
OKB (OKB) $ 45.94
blockstack
Stacks (STX) $ 1.87
arbitrum
Arbitrum (ARB) $ 0.918120
crypto-com-chain
Cronos (CRO) $ 0.097797
dogwifcoin
dogwifhat (WIF) $ 2.57
immutable-x
Immutable (IMX) $ 1.69
first-digital-usd
First Digital USD (FDUSD) $ 0.999074
injective-protocol
Injective (INJ) $ 24.80
sui
Sui (SUI) $ 0.970195
optimism
Optimism (OP) $ 2.08