Bitcoin price started a fresh increase above the $45,000 resistance zone against the US Dollar. BTC is likely to continue higher towards the $48,000 level in the near term.
- Bitcoin found support near $42,800 and it started a fresh increase above $44,000.
- The price is now trading above $45,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is consolidating gains and it could accelerate higher above the $46,500 zone.
Bitcoin Price Regains Strength
Bitcoin price corrected lower below the $43,500 level, similar to ethereum. However, BTC remained well bid near $43,000 and $42,800. It traded as low as $42,855 and recently started a fresh increase.
There was a clear break above the $44,000 resistance zone. Besides, there was a break above a major bearish trend line with resistance near $44,000 on the hourly chart of the BTC/USD pair. The pair is now trading above $45,000 and the 100 hourly simple moving average.
Source:There is also a rising channel forming with support near $45,650 on the same chart. On the upside, an initial resistance is near the $46,200 level. The first key resistance is near the $46,500 level.