Bitcoin price recovered above $43,500 but struggled near $44,500. BTC is consolidating gains and could test the $42,150 support area.
- Bitcoin recovered above the $43,500 resistance and remained in positive territory.
- The price is trading below $44,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bearish trendline forming with resistance near $44,400.
- The pair may decline towards the $42,150 and $42,000 support levels.
Bitcoin price maintains support
Bitcoin price began a recovery above the $43,200 resistance zone. BTC broke the $43,500 resistance zone and moved further into the positive zone.
There was significant upside movement, but bears remained active near the $44,500 resistance zone. The downward move from the $45,913 swing high to the $39,500 low faced rejection near the 76.4% Fib retracement level. A high was made near $44,784 and the price is currently correcting an upward trend.
There was a move below the $44,000 level. The price traded below the 23.6% Fib retracement level, rising from the $39,501 swing low to the $44,784 high. Bitcoin is currently trading below $44,000 and the 100-hour simple moving average.
Meanwhile, immediate resistance is close to the $44,000 level. The first major resistance is at $44,400. The hourly chart of the BTC/USD pair also has a major bearish trendline forming with resistance near $44,400.
Source: TradingView.com BTCUSD
The price could go higher if it breaks above the $44,400 level. The next major resistance level is $45,500. Any further gains above the $45,500 level could open the door for a move towards the $46,000 level.
A new decline in BTC?
If Bitcoin fails to rise above the $44,400 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $42,800 level.
The next major support is near $42,150 or the 50% Fib retracement level rising from the $39,501 swing low to the $44,784 high. A break below $41,150 could see the price gain bearish momentum. If indicated, the price may decline towards the $40,500 support level in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $42,800, then $42,150.
Key resistance levels – $43,800, $44,000 and $44,400.
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