Bitcoin price started a decent increase above the $42,000 level against the US Dollar. BTC is now eyeing a key upside break above the $44,000 resistance zone.
- Bitcoin started a recovery wave above the $42,000 and $43,000 resistance levels.
- The price is still trading below $44,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $42,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate higher if there is a clear break above $44,000.
Bitcoin Price Starts Fresh Recovery
Bitcoin price remained well bid above the $42,000 level. BTC formed a support base and started a decent increase above the $42,500 level.
There was a break above a major bearish trend line with resistance near $42,500 on the hourly chart of the BTC/USD pair. The pair climbed higher above the $43,000 and $43,500 resistance levels. It even tested the $44,000 level.However, the bulls are struggling to gain strength above $44,000. Bitcoin is still trading below $44,000 and the 100 hourly simple moving average. A high is formed near $44,024 and the price is now consolidating gains.
It even tested the 23.6% Fib retracement level of the recent increase from the $39,579 swing low to $44,024 high. On the upside, an immediate resistance is near the $44,000 level. The first major resistance is near the $44,200 level and the 100 hourly simple moving average.Source:A clear break above the $44,000 and $44,200 levels could start a strong increase. The next major resistance is near the $45,000 zone, above which the price could rise towards the $47,000 resistance.