Bitcoin Repaints $44,000: Quick Technical Outlook

Bitcoin’s price has remained stable and has risen above the $44,000 mark. BTC/USD even broke through the $44,500 resistance level and closed above the 100 hourly simple moving average. There was, however, no test of the $45,000 resistance zone. Before the price began to fall, a high was formed near $44,770. Below the $44,500 support level, there was a break. Furthermore, on the hourly chart of the BTC/USD pair, there was a break below a short-term rising channel with support near $44,200.

Bitcoin is trading just below the 23.6 percent Fib retracement level of the upward move from the swing low of $41,573 to the high of $44,770. On the upside, the price may encounter resistance near the broken channel support level of $44,200.

The first major resistance is located near $44,500. A clear break above the $44,500 resistance level could propel the price even higher. The next significant resistance is near $45,000, above which the price may rise to the $45,500 resistance level.

Daily Technical Levels

Support Resistance

41754 42594
41417 43097
40914 43434
Pivot Point: 42257

Dips in BTC are limited?

If Bitcoin does not continue to rise above the $44,500 resistance level, it may begin a downward trend. On the downside, there is immediate support near $43,800.

The next significant support is seen near $43,150. It is close to the 50% Fib retracement level of the upward move from the swing low of $41,573 to the high of $44,770. If the price breaks below the $43,850 support level, it may struggle. The next level of support is near $42,800, or the 100 hourly simple moving average, below which there is a risk of a sharp drop in the near term. Good luck.