Bitcoin price remained well bid above the $40,750 support against the US Dollar. BTC seems to be forming a bottom near $40,750 and it could start a strong rally.
- Bitcoin recovered above the $41,500 and $42,000 resistance levels.
- The price is now trading above $42,500 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $42,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate further higher towards the $44,200 resistance zone in the near term.
Bitcoin Price Gains Pace
Bitcoin price remained strong above the $40,750 support level. As a result, BTC started a fresh increase above the $41,500 resistance level. There was a clear break above the $42,000 level and the 100 hourly simple moving average.
Besides, there was a break above a key bearish trend line with resistance near $42,200 on the hourly chart of the BTC/USD pair. The pair climbed above the 50% Fib retracement level of the key decline from the $44,325 swing high to $40,771 low.Bitcoin is now trading above $42,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $43,200 level.
Source:The first major resistance is near the $43,500 level. It is close to the 76.4% Fib retracement level of the key decline from the $44,325 swing high to $40,771 low. The next major resistance is near the $44,350 level, above which the price could accelerate higher. In the stated case, it could test the $45,500 resistance.