Bitcoin settled above the $40,000 level against the US Dollar. BTC is now rising and could accelerate further above the $42,650 resistance zone.
- Bitcoin started a strong increase above the $40,000 resistance zone.
- The price is trading well above $40,000 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $41,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it clears the $42,650 resistance zone in the near term.
Bitcoin Price Gains Bullish Momentum
Bitcoin price started a major increase after there was a close above the $38,500 level. BTC gained bullish momentum and was able to surpass the $40,000 zone and the 100 hourly simple moving average.
The upward move was such that the price even rallied above the $41,200 resistance. It traded as high as $42,694 and is currently consolidating gains. It seems like the price is preparing for the next move and trading well above the 100 hourly simple moving average.
Source:An immediate resistance is near the $42,650 level. The next major resistance is near the $43,200 zone. A clear upside break above the $43,200 resistance level could spark another increase. In the stated case, the price could even test the $45,000 resistance zone.