Bitcoin Regains Strength, Why Crypto Market Could Rally In Near Term

Bitcoin

Bitcoin price remained well bid above the $40,750 support against the US Dollar. BTC seems to be forming a bottom near $40,750 and it could start a strong rally.

Bitcoin recovered above the $41,500 and $42,000 resistance levels.
The price is now trading above $42,500 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $42,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate further higher towards the $44,200 resistance zone in the near term.

Bitcoin Price Gains Pace
Bitcoin price remained strong above the $40,750 support level. As a result, BTC started a fresh increase above the $41,500 resistance level. There was a clear break above the $42,000 level and the 100 hourly simple moving average.
Besides, there was a break above a key bearish trend line with resistance near $42,200 on the hourly chart of the BTC/USD pair. The pair climbed above the 50% Fib retracement level of the key decline from the $44,325 swing high to $40,771 low.
Bitcoin is now trading above $42,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $43,200 level.

Source: BTCUSD on TradingView.com
The first major resistance is near the $43,500 level. It is close to the 76.4% Fib retracement level of the key decline from the $44,325 swing high to $40,771 low. The next major resistance is near the $44,350 level, above which the price could accelerate higher. In the stated case, it could test the $45,500 resistance.
Fresh Decline In BTC?
If bitcoin fails to clear the $43,500 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $42,800 level.
The first major support is now forming near the $42,500 level and the 100 hourly simple moving average. A break below the $42,500 level might push the price towards the $41,500 level. The main breakdown support is still near the $40,750 zone, below which there could be a sharp decline in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $42,500, followed by $41,500.
Major Resistance Levels – $43,500, $44,350 and $45,500.

bitcoin
Bitcoin (BTC) $ 95,981.72
ethereum
Ethereum (ETH) $ 2,610.94
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.40
solana
Solana (SOL) $ 194.86
bnb
BNB (BNB) $ 634.09
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.252850
cardano
Cardano (ADA) $ 0.764857
staked-ether
Lido Staked Ether (STETH) $ 2,609.50
tron
TRON (TRX) $ 0.239026
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,906.70
chainlink
Chainlink (LINK) $ 18.56
wrapped-steth
Wrapped stETH (WSTETH) $ 3,104.26
avalanche-2
Avalanche (AVAX) $ 25.10
sui
Sui (SUI) $ 3.26
stellar
Stellar (XLM) $ 0.314847
the-open-network
Toncoin (TON) $ 3.72
shiba-inu
Shiba Inu (SHIB) $ 0.000016
leo-token
LEO Token (LEO) $ 9.82
litecoin
Litecoin (LTC) $ 116.88
hedera-hashgraph
Hedera (HBAR) $ 0.223734
usds
USDS (USDS) $ 0.999196
hyperliquid
Hyperliquid (HYPE) $ 23.59
weth
WETH (WETH) $ 2,608.75
polkadot
Polkadot (DOT) $ 4.81
bitget-token
Bitget Token (BGB) $ 6.07
bitcoin-cash
Bitcoin Cash (BCH) $ 329.62
ethena-usde
Ethena USDe (USDE) $ 0.999983
mantra-dao
MANTRA (OM) $ 5.91
uniswap
Uniswap (UNI) $ 9.42
wrapped-eeth
Wrapped eETH (WEETH) $ 2,761.66
ondo-finance
Ondo (ONDO) $ 1.33
monero
Monero (XMR) $ 221.76
pepe
Pepe (PEPE) $ 0.000010
whitebit
WhiteBIT Coin (WBT) $ 27.39
near
NEAR Protocol (NEAR) $ 3.21
aave
Aave (AAVE) $ 242.46
dai
Dai (DAI) $ 1.00
mantle
Mantle (MNT) $ 1.02
internet-computer
Internet Computer (ICP) $ 7.06
aptos
Aptos (APT) $ 5.89
susds
sUSDS (SUSDS) $ 1.04
bittensor
Bittensor (TAO) $ 394.30
official-trump
Official Trump (TRUMP) $ 15.38
ethereum-classic
Ethereum Classic (ETC) $ 20.23
okb
OKB (OKB) $ 49.86
gatechain-token
Gate (GT) $ 22.20
vechain
VeChain (VET) $ 0.032970
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.308261