Bitcoin price is moving higher and recently broke the $43,500 resistance. BTC is still in a strong uptrend and might gain pace for a move above $45,000.
- Bitcoin extended its increase and climbed above the $43,500 resistance zone.
- The price is trading above $43,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support near $43,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move up if there is a close above $44,500 and $45,000.
Bitcoin Price Regains Strength
Bitcoin price remained stable above the $42,000 resistance zone. BTC gained bullish momentum and climbed above the $43,000 resistance zone. It even cleared the key $43,500 barrier.
Finally, the price tested the $44,300 level. A high is formed near $44,300 and the price is now correcting gains. There was a minor decline below the $44,000 level. The price dipped below the 23.6% Fib retracement level of the recent increase from the $41,828 swing low to the $44,300 high.Bitcoin is now trading above $43,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $43,100 on the hourly chart of the BTC/USD pair.
The current price action and the recent breakout calls for more gains. On the upside, immediate resistance is near the $44,000 level. The first major resistance is forming near $44,300 and $44,500. A close above the $44,500 resistance could set the pace for a move above $45,000.