Bitcoin Price Analysis: The market is preparing to jump to $ 44,000
Bitcoin has started its price recovery trend above the $ 42,000 level. Buyers were once able to raise $ 43,000 and are now looking to cross the $ 43,500 mark.
Bitcoin has just reached a new level of support, reaching over $ 42,000, according to Bitcoin News. Last night, the price crossed $ 42,500 and the simple moving average of 100 hours, and the general market trend was somewhat bullish.
As the price continued to accelerate, Bitcoin was able to cross the $ 43,000 mark. The price peak is now near $ 43,127 and the market is correcting the growth of the previous hours. Bitcoin is currently trading below $ 42,800 with a 23.6% Fibonacci retracement level. In this analysis, Fibonacci levels are adjusted based on the upward movement of the price from $ 41,315 to the peak of $ 43,127.
In addition, a 1-hour uptrend line has formed the support market at the level of $ 42,200. The price is still trading above the $ 42,000 support and the simple 100-hour moving average.
If the market is bullish, the closest resistance to the price will be at $ 43,000, after which buyers will try to cross the $ 43,200. Continuing the uptrend could lead to a jump to $ 44,000. After that, the $ 45,000 level acts as a key price resistance.
On the other hand, if buyers still can not overcome the resistance of $ 43,000, a deeper price correction may begin. In this case, the closest price support will be at $ 42,500 and then $ 42,200 will act as the key price support.
Support for the uptrend line on the chart and the 50% Fibonacci retracement level is in the same area. Breaking the uptrend line support could be accompanied by a drop in the price to $ 41,800 and a simple 100-hour moving average. If this trend continues, a fall to $ 40,500 support is likely.
The MACD is out of range and the Relative Strength Index (RSI) is above the 50 level.
As mentioned, $ 42,200 and $ 41,800 are key Bitcoin supports, and $ 43,000, $ 43,200 and $ 44,000 also act as price resistance.