Bitcoin price extended its recovery above the $43,500 level against the US Dollar. BTC is now facing a major barrier near $44,200 and $44,400.
- Bitcoin recovered above the $42,500 and $43,500 resistance levels.
- The price is now trading above $43,000 and the 100 hourly simple moving average.
- There is a rising channel forming with support near $43,340 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate further higher if there is a clear break above the $44,400 resistance.
Bitcoin Price Revisits Resistance
Bitcoin price remained stable and extended its increase above the $43,000 level. BTC even broke the $43,500 level and settled above the 100 hourly simple moving average.
However, the price is still struggling to clear the $44,200 and $44,400 resistance levels. A high is formed near $44,100 and the price is now consolidating gains. It is now trading above $43,000 and the 100 hourly simple moving average.
Source:The first major resistance is near the $44,400 level, above which the price could start a major increase. The next major resistance is near the $45,500 level. Any more gains could set the pace for a move towards the $47,200 level.