Bitcoin Forms Bullish Pattern, Why BTC Could Rally above $45K

Bitcoin

Bitcoin price stayed above the key $40,750 support zone against the US Dollar. BTC is rising and it could soon rally above the $45,000 resistance.

Bitcoin started a recovery wave above the $42,800 and $43,000 resistance levels.
The price is now trading above $43,000 and the 100 hourly simple moving average.
There was a break above a connecting bearish trend line with resistance near $42,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate higher once it clears the key $45,000 resistance zone.

Bitcoin Price Starts Fresh Increase
Bitcoin price struggled below the $43,000 level for a few sessions. BTC declined below $41,000, but the bulls protected the $40,750 zone. There were two attempts to clear $40,750, but the bears failed.
As a result, the price started a fresh increase and it seems like it has formed a double bottom pattern near the $40,750 level. It is rising and it has cleared the $42,000 and $42,800 resistance levels. There was also a break above a connecting bearish trend line with resistance near $42,400 on the hourly chart of the BTC/USD pair.
Bitcoin cleared the 50% Fib retracement level of the downward move from the $45,153 swing high to $40,750 swing low. It is now trading above $43,000 and the 100 hourly simple moving average.
Besides, it is consolidating near the 76.4% Fib retracement level of the downward move from the $45,153 swing high to $40,750 swing low. On the upside, an immediate resistance is near the $44,800 level. The first major resistance is near the $45,000 level.

Source: BTCUSD on TradingView.com
A close above the $44,800 and $45,000 levels could start a steady increase. The next major resistance is near the $45,500 zone, above which the price could rise towards the $46,200 resistance.
Dips Limited In BTC?
If bitcoin fails to clear the $45,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $43,600 level.
The first major support is near the $43,200 zone and the 100 hourly simple moving average. Any more losses could lead the price towards the $42,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly 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 – $44,600, followed by $43,200.
Major Resistance Levels – $44,800, $45,000 and $45,500.

bitcoin
Bitcoin (BTC) $ 61,261.41
ethereum
Ethereum (ETH) $ 3,388.59
tether
Tether (USDT) $ 0.999078
bnb
BNB (BNB) $ 574.07
solana
Solana (SOL) $ 136.36
staked-ether
Lido Staked Ether (STETH) $ 3,387.77
usd-coin
USDC (USDC) $ 0.999652
xrp
XRP (XRP) $ 0.477775
the-open-network
Toncoin (TON) $ 7.56
dogecoin
Dogecoin (DOGE) $ 0.123517
cardano
Cardano (ADA) $ 0.386715
tron
TRON (TRX) $ 0.120036
shiba-inu
Shiba Inu (SHIB) $ 0.000017
avalanche-2
Avalanche (AVAX) $ 25.18
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 61,378.45
chainlink
Chainlink (LINK) $ 14.07
polkadot
Polkadot (DOT) $ 5.79
bitcoin-cash
Bitcoin Cash (BCH) $ 376.63
uniswap
Uniswap (UNI) $ 9.47
near
NEAR Protocol (NEAR) $ 5.60
wrapped-eeth
Wrapped eETH (WEETH) $ 3,519.23
leo-token
LEO Token (LEO) $ 5.75
matic-network
Polygon (MATIC) $ 0.569171
litecoin
Litecoin (LTC) $ 70.74
dai
Dai (DAI) $ 0.998957
pepe
Pepe (PEPE) $ 0.000012
fetch-ai
Fetch.ai (FET) $ 1.69
internet-computer
Internet Computer (ICP) $ 8.16
kaspa
Kaspa (KAS) $ 0.155792
ethena-usde
Ethena USDe (USDE) $ 0.999272
ethereum-classic
Ethereum Classic (ETC) $ 23.44
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,419.43
aptos
Aptos (APT) $ 6.95
render-token
Render (RNDR) $ 7.77
monero
Monero (XMR) $ 162.77
hedera-hashgraph
Hedera (HBAR) $ 0.078998
cosmos
Cosmos Hub (ATOM) $ 6.97
arbitrum
Arbitrum (ARB) $ 0.826222
stellar
Stellar (XLM) $ 0.090264
filecoin
Filecoin (FIL) $ 4.42
mantle
Mantle (MNT) $ 0.762121
okb
OKB (OKB) $ 41.39
crypto-com-chain
Cronos (CRO) $ 0.090675
immutable-x
Immutable (IMX) $ 1.57
blockstack
Stacks (STX) $ 1.61
injective-protocol
Injective (INJ) $ 23.09
first-digital-usd
First Digital USD (FDUSD) $ 0.999646
sui
Sui (SUI) $ 0.900922
lido-dao
Lido DAO (LDO) $ 2.43
the-graph
The Graph (GRT) $ 0.222380