Bitcoin price formed a base above the $40,000 support zone. BTC is now struggling to clear the $43,000 resistance zone and consolidating.
- Bitcoin started a fresh increase from the $40,000 support base.
- The price is trading above $42,000 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance near $41,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move up if there is a clear move above the $43,000 resistance.
Bitcoin Price Regains Strength
Bitcoin price remained well-bid above the $40,000 support zone. BTC formed a base and recently started a fresh increase above the $41,000 resistance.
There was a break above a connecting bearish trend line with resistance near $41,050 on the hourly chart of the BTC/USD pair. The pair gained strength above the 50% Fib retracement level of the key drop from the $44,699 swing high to the $39,999 low.BTC is now trading above $42,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $43,200 level. The first major resistance is forming near $43,500. A close above the $43,500 resistance might start a steady increase.