Bitcoin is consolidating losses above the $43,000 support against the US Dollar. BTC could correct higher towards the $44,275 resistance or $44,850.
- Bitcoin managed to stay above the $43,000 support zone.
- The price is still well below $45,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $43,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start an upside correction if it settles above $43,800.
Bitcoin Price Consolidates
Bitcoin price extended decline below the $45,000 support zone. BTC even spiked below the $43,000 level, but the bulls protected more downsides.
The price started trading in a range above the $43,000 level. However, it is still well below $45,000 and the 100 hourly simple moving average. It is now trading near a key bearish trend line forming with resistance near $43,650 on the hourly chart of the BTC/USD pair.
Source:Bitcoin price must clear the $44,875 and $45,000 resistance levels to gain bullish momentum. In the stated case, the price may perhaps rise towards the $46,000 resistance zone. An intermediate resistance might be near the $45,500 level.