Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Bitcoin Price Uptrend To Continue? These Could Be The Factors To Watch

Bitcoin Price Uptrend To Continue? These Could Be The Factors To Watch

Newsbtc-btc2023/12/28 11:28
By: Aayush Jindal
BTC-0.11%

Bitcoin price is attempting a fresh increase above the $42,200 level. BTC could surge once it clears the $43,350 resistance zone in the near term.

  • Bitcoin started a fresh increase above the $42,000 support zone.
  • The price is trading above $42,200 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support near $42,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move up if there is a clear move above the $43,350 resistance.

Bitcoin Price Aims Higher

Bitcoin price started a decent increase above the $41,500 level. BTC was able to clear the $42,000 resistance zone to enter a positive zone. The bulls were able to push the price above the $43,000 zone.

However, the price seems to be struggling near the $43,350 zone. A high was formed near $43,421 and the price is now consolidating gains. There was a sharp downside correction below the $42,500 level. The price even spiked below the 50% Fib retracement level of the upward move from the $40,606 swing low to the $43,421 high.

However, the bulls were active near the $41,500 zone. They protected the 61.8% Fib retracement level of the upward move from the $40,606 swing low to the $43,421 high.

Bitcoin is now trading above $42,200 and the 100 hourly Simple moving average . Besides, there is a key bullish trend line forming with support near $42,400 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $43,300 level.

Source: BTCUSD on TradingView.com

The first major resistance is forming near $43,350. A close above the $43,350 resistance might start a steady increase. The next key resistance could be near $44,200, above which BTC could rise toward the $45,000 level. A clear move above the $45,000 level could set the pace for a test of $46,500.

Another Drop In BTC?

If Bitcoin fails to rise above the $43,350 resistance zone, it could start another decline. Immediate support on the downside is near the $42,400 level and the trend line.

The next major support is near $42,000 and the 100 hourly Simple moving average, below which the price might test the $41,500 zone. If there is a move below $41,500, there is a risk of more losses. In the stated case, the price could drop toward the $40,600 support in the near term.

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 now above the 50 level.

Major Support Levels – $42,400, followed by $42,000.

Major Resistance Levels – $43,350, $44,200, and $45,000.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!
Bitget Announcement2025/09/12 07:46
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
New spot margin trading pair — LINEA/USDT!
Bitget Announcement2025/09/11 10:04

Trending news

More
1
New spot margin trading pair — HOLO/USDT!
2
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

Crypto prices

More
Bitcoin
Bitcoin
BTC
$115,994.46
+0.02%
Ethereum
Ethereum
ETH
$4,649.84
-1.35%
XRP
XRP
XRP
$3.08
-2.63%
Tether USDt
Tether USDt
USDT
$1
-0.02%
Solana
Solana
SOL
$246.98
+2.08%
BNB
BNB
BNB
$934.91
-0.46%
USDC
USDC
USDC
$0.9994
-0.04%
Dogecoin
Dogecoin
DOGE
$0.2877
-2.39%
TRON
TRON
TRX
$0.3500
-0.81%
Cardano
Cardano
ADA
$0.9105
-3.21%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter