Bitcoin price will start in a certain range starting in 2024. Will the bull take control?

Bitcoin price maintains an upward trend above the $41,500 area. BTC is rising and could gain bullish momentum above the $43,200 resistance zone.

• Bitcoin is attempting a new rally above the $42,500 resistance zone.
• The price is trading above $42,200 and the 100-hour simple moving average.
• The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trendline forming with support near $42,280.
• If the price closes above the $43,200 resistance zone, the pair could continue to rise.

Bitcoin price remains supported

Bitcoin price fell and broke the $42,200 support zone. BTC formed a base above the $41,200 level and recently began a new rise.

The lowest point was made at $41,317 and the price is currently rising. There was a move above the $42,000 resistance zone. The price crossed the 50% Fib retracement level moving down from the $43,792 swing high to the $41,317 low.

Bitcoin is currently trading above $42,200 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a major bullish trend line forming with support near $42,280.

On the other hand, immediate resistance is close to the $42,800 level. This is close to the 61.8% Fib retracement level of the downward move from the $43,792 swing high to the $41,317 low. The first major resistance is at $43,200. The price could go higher if it breaks above the $43,200 level.

Source: TradingView.com BTCUSD

The main hurdle is $43,800. A break above the $43,800 resistance could initiate a significant rally towards the $44,500 level. The next major resistance could be near $45,000, above which BTC could rise towards the $46,200 level.

Another drop in BTC?

If Bitcoin fails to rise above the $43,200 resistance zone, a new downtrend could begin. Immediate support for the downside is near the $42,250 level and trend line.

The next major support is near $41,620. A drop below $41,620 risks further losses. If indicated, the price may decline towards the $40,500 support level in the near term.

Technical indicators:

Hourly MACD – MACD is now picking up speed in bullish territory.

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

Key support levels – $42,250, then $41,620.

Key resistance levels – $42,800, $43,200 and $43,800.

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