Bitcoin spiked to test the $45,000 resistance against the US Dollar. BTC is consolidating gains and might correct lower towards $43,000 in the near term.
- Bitcoin extended increase and traded close to the $45,000 resistance zone.
- The price is trading above $44,000 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance near $44,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower if there is a move below the $43,000 support zone.
Bitcoin Price Extends Rally
Bitcoin price started a major increase above the $42,000 level. BTC was able to stay above the $43,000 level and consolidating near $44,000.
Finally, there was another increase and the price climbed above $44,500. The price traded close the $45,000 resistance, where it faced sellers. It is now consolidating gains and there was a minor decline below the $44,500 level.The price is now trading above $44,000 and the 100 hourly simple moving average. It is also well above the 23.6% Fib retracement level of the upward move from the $37,030 swing low to $44,955 high.
There is also a key contracting triangle forming with resistance near $44,450 on the hourly chart of the BTC/USD pair. Bitcoin is now facing resistance is near the $44,200 level. The first key resistance is near the $44,450 level and the triangle upper trend line.Source:The main resistance is now near the $45,000 level. A clear move above the $45,000 resistance could send the price further higher. In the stated case, it could even attempt a clear move above $45,500.