Bitcoin price dived again and retested the $40,000 support zone. BTC is rising, but it must clear $42,350 to move into a positive zone.
- Bitcoin is attempting a fresh increase from the $40,000 support zone.
- The price is trading below $43,600 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance near $41,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum once it clears the $42,350 resistance zone.
Bitcoin Price Remains Supported
Bitcoin price dropped heavily below the $43,500 and $43,200 support levels. BTC even dived below the $41,200 support before the bulls emerged. A low was formed near $39,999 and the price is now attempting a fresh increase.
The price climbed above the 23.6% Fib retracement level of the downward move from the $44,699 swing high to the $39,999 low. Besides, there was a break above a connecting bearish trend line with resistance near $41,300 on the hourly chart of the BTC/USD pair.A close above the $42,350 resistance might start a steady increase. The next key resistance could be near $43,000, above which BTC could rise toward the $44,000 level. A clear move above the $44,000 level could set the pace for a test of $45,000.