Bitcoin (BTC) Is Surging; Why Bulls May Target More Upside

ByDawn Pipkin

Feb 8, 2022
  • Bitcoin launched a massive upsurge beyond the $42K resistance.
  • The coin trades well past $42K and 100Hr SMA.
  • One-hour chart shows a connecting bullish trend-line developing with the support of around $43.5K.
  • Clearing the resistance at $44.5K might lead to continued surges in the short term.

Bitcoin saw increased momentum beyond the resistance zone of $42K. For now, BTC is rising and may even surge past the hurdle at $45,000 in the short term.

Bitcoin Price Surges 5%

Bitcoin price witnessed bullish strength after a close beyond $40,000. The leading crypto even conquered the resistance area at $42,000 to surge deep into positive territory. Bitcoin’s latest upside move gained strength past the $43,000 mark.

Lastly, the price rallied beyond $44,000 and maintained above the 100hr Simple Moving Average. That way, Bitcoin created a high near $44,528 and consolidates the gains now.

BTC trades beyond the 23.6% Fibonacci retracement mark of the latest upswing from a swing low of $41,141 to the $44,528 peak. Moreover, the BTC’s 1-hour chart shows a connecting bullish trend-line developing with the support of around $43,500.

Meanwhile, the closest resistance to the upside stands at $44,500. The following massive resistance locates around the $45,000 level. A decisive upward break past this resistance might translate to additional gains. That way, the crypto might climb towards the resistance zone of $46,500.

Drops Supported?

Failure to kick-start another upsurge beyond $44,500 might lead to downward retracements. With that, Bitcoin will discover immediate support at $43,750. Nevertheless, the initial support stands near the $43,000 level.

The footing stood near 50% Fibonacci retracement of the latest upswing from swing lows of $41,141 to the $44,528 peak. Breaking beneath the support at $43,000 may witness BTC sliding towards $41,200 support zone at 100Hr Simple Moving Average.

While publishing this blog, Bitcoin inches towards the $45K mark, hovering around $44,913. Keeping the momentum may reveal new monthly highs before the day’s end.

BTC Technical Indicators

  • Hourly MACD is gaining strength inside the bullish region.
  • Hourly RSI wavers above 60.
  • Critical support levels- $43.5K and $43K.
  • Crucial resistance levels – $44.5k, $45K, and $46.5K.

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