- Bitcoin surged past the critical hurdle around the resistance of $40K.
- The pair trades beyond $42K and 100Hr Simple Moving Average, changing hands around $43,220 at this writing.
- 1hr chart shows a break beyond the vital bearish line with resistance at $38K (Kraken data).
- Moreover, the pair jumped into bullish territory and might climb higher to $45K.
Bitcoin climbed to overcome the crucial resistance at $40K. The leading crypto gained over 13% overnight and might stabilize beyond the $43K mark.
BTC Price Surges
Bitcoin maintained its price movements within a positive territory past the pivot level of $38,000. Meanwhile, it launched massive upticks after overcoming the resistance of around $38.8K. The hourly price chart shows a break beyond bearish trend-line with resistance around $38K. That cleared the path for a swift uptick past the resistance of $40K and 100hr Simple Moving Average.
Bitcoin gained more than 13%, revealing a decisive move past the resistance of $42K. It even surged past $43K to trade around the highs of $44,192. For now, BTC consolidated as it hovers well beyond 23.6% Fibonacci retracement area of the upside actions to $44,192 highs from $37,029. The nearest resistance to the upside stands at $44K, whereas the vital resistance mark sits near $44.2K.
Meanwhile, the primary resistance is around $44.5K. A decisive move past this hurdle might see BTC exploring further highs. Such a move can see BTC trying to overcome the $45K level.
Bitcoin Dips Limited?
Bitcoin’s failure to overcome the resistance area at $44.2K might unveil a downward correction. The closest support to the downside locates at $43K. The following massive support will emerge at $42.5K. Violating this barrier might trigger bearish momentum, driving BTC towards the $40.5K area. The value zone stands around the 50% Fibonacci retracement of the upsurge from a swing low of $37,029 to $44,192.
Meanwhile, extended rallies will see Bitcoin climbing towards the 2nd resistance at $48,030, opening the path to $50K. Bitcoin’s 3rd critical resistance stands at $54.5K. The 4hr candle chart and EMAs highlight a few bearish signals.
For now, BTC maintains well beyond the 200-day exponential moving average. The 50-dayEMA narrowed towards 100- and 200-day Exponential Moving Averages early today. An optimistic cross by 50-DayEMA through 100-day Exponential Moving Average would bring $50K in play.