Bitcoin (BTC) Price Analysis: A Big Rise, What’s Next? – March 1, 2022

Bitcoin breaks key $40,000 resistance zone with big bounce
 Bitcoin (BTC) Price Analysis: A Big Rise, What’s Next?  – March 1, 2022
READING NOW Bitcoin (BTC) Price Analysis: A Big Rise, What’s Next? – March 1, 2022

Bitcoin has broken the key resistance area of ​​$40,000 with a big bounce. BTC is up over 12% and it may continue to rise above the $43,000 level, according to technical analysis by NewsBTC’s Aayush Jindal.

Bitcoin Rising

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Bitcoin managed to start a massive uptrend after clearing the $38,800 resistance zone. There was a break above a key bearish trend line with resistance near $38,000 on the hourly chart of the BTC/USD pair. This opened the doors for a solid rise above the $40,000 resistance and the 100 hourly simple moving average. The price is up over 10% and there was a clear move above the $42,000 resistance zone. It even went as high as $44,192.

Bitcoin is currently consolidating and trading well above the 23.6% Fib retracement level of the upward move from the $37,029 high to $44,192 high. An immediate resistance is near the $44,000 level. The first key resistance is near the $44,200 level. The main resistance is currently near the $44,500 level. A clear move above the $44,500 resistance could push the price higher. In the stated case, it could even make a clear move above $45,000.

Bitcoin Drops Limited?

Jindal says that if Bitcoin fails to break past the $44,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $43,000 zone. The next major support is seen near the $42,500 level. If there is a downside break below the $42,500 support, the price could gain bearish momentum towards $40,500. It is close to the 50% Fib retracement level of the upward move from the $37,029 high to $44,192 high.

What Do Technical Indicators Say?

  • Hourly MACD – The MACD is now losing momentum in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting from the overbought zone.
  • Major Support Levels – $43,000 then $42,500
  • Major Resistance Levels – $44,000, 44,200 and $45,000

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