Bitcoin price is holding gains above the $41,500 zone. BTC is rising and might gain bullish momentum above the $43,200 resistance zone.
- Bitcoin is attempting a fresh increase above the $42,500 resistance zone.
- The price is trading above $42,200 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $42,280 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if there is a close above the $43,200 resistance zone.
Bitcoin Price Remains Supported
Bitcoin price declined and broke the $42,200 support zone. BTC formed a base above the $41,200 level and recently started a fresh increase.
A low was formed at $41,317 and the price is now rising. There was a move above the $42,000 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $43,792 swing high to the $41,317 low.Bitcoin is now trading above $42,200 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $42,280 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $42,800 level. It is close to the 61.8% Fib retracement level of the downward move from the $43,792 swing high to the $41,317 low. The first major resistance is $43,200. A close above the $43,200 level could send the price further higher.
