Current Price Action: On the 1-hour chart, Bitcoin BTC USDT is currently trading at $42,815.90. After reaching a new all-time high above $45,000 earlier this week, BTC witnessed a brief pullback that saw it test the 0.618 Fibonacci retracement level of $42,739.06. This level held firm and sparked a bounce, pushing the price back within the bottom range of the 1-hour supply zone between $43,715.04 – $43,787.35. Overall, technical indicators continue signaling bullish momentum in the near term.
1 Hour Timeframe
The immediate support zone lies between $42,606.38 – $42,720.33. Beneath this, additional floor support is seen at $41,251.64 – $41,475.82. Holding above these levels would indicate continued strength in the bull trend. On the upside, resistance is found at $43,715.04 – $43,787.35. A firm break above this supply zone could trigger another leg higher towards the next key resistance range of $44,293.48 – $44,600.
A bullish demand zone has also formed between $42,379.01 – $42,529.68 over the past 24 hours. This area is likely to attract fresh buying on any temporary dips. The widely watched 50-day moving average (not shown) provides intermediate term support near $41,800 and its hold adds credence to the continued uptrend.
MACD and StochRSI on the hourly chart both remain in bullish territory, though showing signs of downward convergence. This hints at short-term consolidation before the next leg higher. Prior trends also indicate BTC often sees pullbacks in supply zones before resuming its uptrend.
Support and Resistance Levels
S / R Type | High | Low |
Support Zone 1 | 42720.33 | 42606.38 |
Support Zone 2 | 41475.82 | 41251.64 |
Resistance Zone 1 | 43787.35 | 43715.04 |
Resistance Zone 2 | 44600.00 | 44293.48 |
Fibonacci Retracement Levels
0.382 | 43059.10 |
0.50 | 42900.00 |
0.618 | 42739.06 |
0.786 | 42511.39 |
0.882 | 42381.36 |
Demand Zone
Zone Number | High | Low |
Demand Zone 1 | 42529.68 | 42379.01 |
Overall Market Structure and Outlook: Considering the constructive positioning of demand zones, Fibonacci retracement levels and the overall bullish structure, the odds continue favoring upside for Bitcoin above $41,251.64 support. While hourly overextensions could lead to minor pullbacks, dips are likely to find support within the outlined levels. From a trading perspective, intraday breaks above $43,715.34 supply could be an early entry cue, with protective stops below demand zones. Barring any unexpected catalyst, further appreciation is expected in the weeks ahead.