Bitcoin Steadies Above $43K, Why BTC Could Recover Higher

 2022-04-08 08:28:52

Bitcoin is consolidating losses above the $43,000 support against the US Dollar. BTC could correct higher towards the $44,275 resistance or $44,850. Bitcoin price extended decline below the $45,000 support zone. BTC even spiked below the $43,000 level, but the bulls protected more downsides.

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The price started trading in a range above the $43,000 level. However, it is still well below $45,000 and the 100 hourly simple moving average. It is now trading near a key bearish trend line forming with resistance near $43,700 on the hourly chart of the BTC/USDT pair. 

 

The first major resistance could be near $44,275, where the price might struggle. If there is a move above $44,275, the price could test the $44,875 level. Bitcoin price must clear the $44,875 and $45,000 resistance levels to gain bullish momentum. In the stated case, the price may perhaps rise towards the $46,000 resistance zone. An intermediate resistance might be near the $45,500 level. If bitcoin fails to clear the $44,875 resistance zone, it could continue to move down. An immediate support on the downside is near the $43,000 level.

 

The next major support is seen near the $42,900 level or the recent low. A downside break below the $42,900 support zone could accelerate losses. In the stated case, the price could drop towards the $42,200 support in the near term. The next major support might be $42,000.

 

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USDT is now above the 50 level.

Major Support Levels – $43,000, followed by $42,000.

Major Resistance Levels – $43,875, $44,000 and $45,000.


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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