Bitcoin price is consolidating above the $42,500 support zone. BTC could gain bullish momentum if it clears the $43,500 resistance zone.
- Bitcoin price is still struggling to clear the $43,400 and $43,500 resistance levels.
- The price is trading above $42,500 and the 100 hourly Simple moving average.
- There is a key rising channel forming with support at $42,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong increase if it clears the $43,500 resistance zone.
Bitcoin Price Aims Higher
Bitcoin price formed a base above the $41,800 level and started a steady increase. BTC was able to clear the $42,200 and $42,500 resistance levels.
It also reclaimed the 100 hourly Simple moving average. The price climbed above the 50% Fib retracement level of the downward move from the $43,488 swing high to the $42,320 low. The bulls even pushed the price above the $43,000 level.Bitcoin is now trading above $42,650 and the 100 hourly Simple moving average. Immediate resistance is near the $43,200 level. The next key resistance could be $43,500, above which the price could start a decent increase. The next stop for the bulls may perhaps be $44,200.