Bitcoin Steadies Above $42K, What Could Spark More Upsides

Bitcoin started a steady increase above the $42,000 resistance against the US Dollar. BTC tested the $43,400 zone and recently corrected lower.

Bitcoin started a downside correction after a test of $43,400.
The price is trading above $42,000 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $41,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must stay above the $41,500 support zone to remain in a positive zone.

Bitcoin Price Remains In Uptrend
Bitcoin price started a steady increase after it cleared the $42,000 resistance zone. BTC gained pace for a move above the $42,500 level and settled above the 100 hourly simple moving average.
The upward move was such that the price even broke the $43,200 resistance. It traded as high as $43,402 and is currently correcting lower. There was a move below the 23.6% Fib retracement level of the recent increase from the $40,510 swing low to $43,402 high.
However, the bulls are defending the $42,000 support zone. There is also a key bullish trend line forming with support near $41,950 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent increase from the $40,510 swing low to $43,402 high.
On the upside, the price is facing resistance near the $42,800 level. The next major resistance could be near the $43,000 zone. A successful break and close above the $43,000 level might start another steady increase.

Source: BTCUSD on TradingView.com
In the stated case, the price might rise towards the $43,500 level. Any more gains could send the price towards the $44,200 level in the coming sessions.
Downside Break in BTC?
If bitcoin fails to clear the $43,000 resistance zone, it could correct further lower. An immediate support on the downside is near the $42,000 zone.
The next major support is seen near the trend line and the 100 hourly SMA. The main support sits near the $41,500 zone (the previous breakout zone). A downside break below the $41,500 support zone could push the price further lower towards $40,500.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $42,000, followed by $41,500.
Major Resistance Levels – $42,800, $43,000 and $43,500.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 63,218.94
ethereum
Ethereum (ETH) $ 3,076.51
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 550.02
solana
Solana (SOL) $ 137.14
usd-coin
USDC (USDC) $ 0.999845
staked-ether
Lido Staked Ether (STETH) $ 3,068.01
xrp
XRP (XRP) $ 0.491554
dogecoin
Dogecoin (DOGE) $ 0.158402
the-open-network
Toncoin (TON) $ 6.44
cardano
Cardano (ADA) $ 0.458437
avalanche-2
Avalanche (AVAX) $ 34.62
shiba-inu
Shiba Inu (SHIB) $ 0.000022
bitcoin-cash
Bitcoin Cash (BCH) $ 501.85
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 63,322.97
tron
TRON (TRX) $ 0.111107
polkadot
Polkadot (DOT) $ 6.63
chainlink
Chainlink (LINK) $ 13.42
matic-network
Polygon (MATIC) $ 0.700364
litecoin
Litecoin (LTC) $ 77.48
internet-computer
Internet Computer (ICP) $ 12.25
near
NEAR Protocol (NEAR) $ 5.13
leo-token
LEO Token (LEO) $ 5.91
uniswap
Uniswap (UNI) $ 7.12
dai
Dai (DAI) $ 0.999326
first-digital-usd
First Digital USD (FDUSD) $ 0.999050
ethereum-classic
Ethereum Classic (ETC) $ 26.27
aptos
Aptos (APT) $ 9.03
mantle
Mantle (MNT) $ 1.13
blockstack
Stacks (STX) $ 2.50
bittensor
Bittensor (TAO) $ 524.11
okb
OKB (OKB) $ 56.36
crypto-com-chain
Cronos (CRO) $ 0.125897
filecoin
Filecoin (FIL) $ 5.91
render-token
Render (RNDR) $ 8.25
cosmos
Cosmos Hub (ATOM) $ 8.05
stellar
Stellar (XLM) $ 0.106671
arbitrum
Arbitrum (ARB) $ 1.13
vechain
VeChain (VET) $ 0.040755
maker
Maker (MKR) $ 3,056.76
hedera-hashgraph
Hedera (HBAR) $ 0.078302
kaspa
Kaspa (KAS) $ 0.119645
immutable-x
Immutable (IMX) $ 1.92
dogwifcoin
dogwifhat (WIF) $ 2.71
the-graph
The Graph (GRT) $ 0.250093
ethena-usde
Ethena USDe (USDE) $ 1.00
optimism
Optimism (OP) $ 2.23
coredaoorg
Core (CORE) $ 2.53
monero
Monero (XMR) $ 122.00
wrapped-eeth
Wrapped eETH (WEETH) $ 3,188.78