Bitcoin Price Gearing For Another Lift-Off: Rally Isn’t Over Yet

 2022-03-03 07:04:53

Bitcoin made another attempt to gain pace above the $45,000 resistance. BTC is still consolidating and remain supported near $43,000.

 

Bitcoin price remained supported above the $43,000 level. BTC made another attempt to start a fresh increase above the $44,500 level. It even spiked above the $45,000 resistance level. However, there was no upside continuation above $45,350. A high was formed near $45,349 and the price is now correcting gains. There was a move below the $45,000 and $44,500 levels.

 

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It is now trading above $43,000 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $42,500 on the hourly chart of the BTC/USDT pair.

 

Bitcoin is now facing resistance is near the $44,250 level. The first key resistance is near the $45,000 level. A clear move above the $45,000 resistance might set the pace for a larger increase. In the stated case, the price could surpass $45,500 and test the $46,500 resistance zone. The next major resistance for the bulls may possibly be near the $47,200 level.

 

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 $43,380 zone. The next major support is seen near the $43,000 level or the trend line support. If there is a downside break below the trend line support, the price might gain decline towards $41,200.

 

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is now below the 50 level.

Major Support Levels – $43,380, followed by $42,500.

Major Resistance Levels – $44,250, $45,000 and $45,350.

 

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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