Bitcoin price jumped from the $40,500 support zone. BTC is up over 5% but the bears are still defending the $43,500 resistance zone.
- Bitcoin started a strong increase from the $40,500 support zone.
- The price is trading above $42,000 and the 100 hourly Simple moving average.
- There was a break above a major bearish trend line with resistance near $41,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline again if it fails to clear the $43,500 resistance zone.
Bitcoin Price Revisits $43,500
Bitcoin price extended its decline below the $41,200 support level. However, BTC remained well-bid above the $40,500 support zone. A low was formed near $40,515 and the price started a fresh increase.
There was a steady increase above the $41,200 and $42,000 levels. There was a break above a major bearish trend line with resistance near $41,850 on the hourly chart of the BTC/USD pair. The pair rallied above the $43,000 resistance zone.It is well above $42,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $43,250 level. The first major resistance is forming near $43,500. A close above the $43,500 resistance might start a steady increase.