Bitcoin Price Eyes Another Key Upside Break Above $41.5K

Bitcoin started a fresh increase above the $40,000 resistance against the US Dollar. BTC remains supported and might rally again above the $41,500 resistance.

Bitcoin reclaimed the $40,000 level and might continue to rise.
The price is trading above $40,200 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $39,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might correct lower, but the bulls might remain active near the $40,000 zone.

Bitcoin Price Remains Elevated
Bitcoin price spiked towards the $41,500 level before it faced sellers. BTC reacted to the downside and even dived below the $40,000 level.
However, the bulls were active near the $39,000 zone and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $39,850 on the hourly chart of the BTC/USD pair. A low was formed near $39,300 and the price started a fresh increase. There was a clear move above the $40,000 resistance zone.
Bitcoin even climbed above the $40,800 level. It is now consolidating near the $41,000 resistance zone. There was a test of the 23.6% Fib retracement level of the upward move from the $39,308 swing low to $41,470 high.

Source: BTCUSD on TradingView.com
On the upside, the price is facing resistance near the $41,200 level. The next major resistance could be near the recent high or $41,600. A clear move above the $41,600 level could open the doors for another rally. In the stated case, the price might rise towards the $42,500 level. Any more gains might send the price towards the $43,200 level in the near term.
Dips Supported in BTC?
If bitcoin fails to clear the $41,600 resistance zone, it could start a downside correction. An immediate support on the downside is near the $40,500 zone.
The next major support is seen near the $40,300 level. It is near the 50% Fib retracement level of the upward move from the $39,308 swing low to $41,470 high. The main support is still near the $40,000 zone, below which the price might test $39,000.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.
Major Support Levels – $40,500, followed by $40,000.
Major Resistance Levels – $41,200, $41,600 and $42,500.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 27,227.29
ethereum
Ethereum (ETH) $ 1,905.63
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 307.39
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.525782
staked-ether
Lido Staked Ether (STETH) $ 1,904.34
cardano
Cardano (ADA) $ 0.381468
dogecoin
Dogecoin (DOGE) $ 0.073103
solana
Solana (SOL) $ 21.61
matic-network
Polygon (MATIC) $ 0.905567
tron
TRON (TRX) $ 0.081885
litecoin
Litecoin (LTC) $ 96.42
polkadot
Polkadot (DOT) $ 5.37
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.74
dai
Dai (DAI) $ 0.999723
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,251.30
uniswap
Uniswap (UNI) $ 5.12
chainlink
Chainlink (LINK) $ 6.51
leo-token
LEO Token (LEO) $ 3.60
cosmos
Cosmos Hub (ATOM) $ 10.81
okb
OKB (OKB) $ 46.01
monero
Monero (XMR) $ 149.80
ethereum-classic
Ethereum Classic (ETC) $ 18.22
the-open-network
Toncoin (TON) $ 1.74
stellar
Stellar (XLM) $ 0.092515
bitcoin-cash
Bitcoin Cash (BCH) $ 116.76
internet-computer
Internet Computer (ICP) $ 4.84
filecoin
Filecoin (FIL) $ 4.86
lido-dao
Lido DAO (LDO) $ 2.35
true-usd
TrueUSD (TUSD) $ 0.999828
aptos
Aptos (APT) $ 9.09
quant-network
Quant (QNT) $ 117.87
hedera-hashgraph
Hedera (HBAR) $ 0.050998
crypto-com-chain
Cronos (CRO) $ 0.060536
arbitrum
Arbitrum (ARB) $ 1.23
near
NEAR Protocol (NEAR) $ 1.64
vechain
VeChain (VET) $ 0.020034
the-graph
The Graph (GRT) $ 0.129775
apecoin
ApeCoin (APE) $ 3.16
algorand
Algorand (ALGO) $ 0.152968
the-sandbox
The Sandbox (SAND) $ 0.577578
eos
EOS (EOS) $ 0.920220
render-token
Render (RNDR) $ 2.74
paxos-standard
Pax Dollar (USDP) $ 1.00
frax
Frax (FRAX) $ 0.999726
elrond-erd-2
MultiversX (EGLD) $ 38.72
optimism
Optimism (OP) $ 1.51