Bitcoin is recovering losses and trading above $43,000 against the US Dollar. BTC must clear $43,800 to continue higher in the near term.
- Bitcoin found support near $41,600 and started a fresh upward move.
- The price is trading above $43,000 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $42,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if there is a clear move above the $43,800 resistance.
Bitcoin Price Starts Recovery
Bitcoin price extended decline below the $42,000 support zone. However, BTC found support above the $41,500 zone. A low was formed near $41,573 and the price started a decent recovery wave.
There was a break above the $42,000 and $42,500 resistance levels. The price climbed above the 23.6% Fib retracement level of the key decline from the $45,900 high to $41,570 low. Besides, there was a break above a key bearish trend line with resistance near $42,250 on the hourly chart of the BTC/USD pair.Bitcoin is now trading above $43,000 and the 100 hourly simple moving average. It even broke the $43,500 resistance zone. However, the bulls are now facing resistance near the $43,800 zone.
Source:The 50% Fib retracement level of the key decline from the $45,900 high to $41,570 low is also near the $43,800 zone. A clear move above the $43,800 resistance zone might send the price further higher. The next major resistance is near $44,850, above which the price might rise towards the $45,500 resistance level.