Bitcoin Price started a continuous recovery wave above $42,000 against the US Dollar. BTC tested $43,000, and the bulls might aim for more upper side above $43,500.
Bitcoin is displaying positive signs above the $42,000 support zone. The price is trading above $42,000 at the time of writing and the 100 hourly simple moving average. A crucial bullish trend line is established with the support of near $42,200 on the hourly chart of the BTC/USD pair.
Further, the pair may continue to recover and test the $44,000 resistance zone in the short run.
Bitcoin Price Starts Recovery
Bitcoin price created a support base and climbed above the $42,000 resistance zone. Further, BTC even traded above the $42,500 level. Though, the 100 hourly simple moving average moves into a positive outlook.
The rising move gained pace, and the price spiked over the $43,000 level. A high is formed near $43,127, and the price is now correcting gains. Further, it traded below the support level of $42,800.
There was a move below the 23.6% Fib retracement level of the upward move from the $41,315 sway low to $43,127 high.
Besides, there is a crucial bullish trend line creating support near $42,200 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $42,000 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $43,000 level.
The next significant resistance is near the $43,200 level. Any more gains could pump the price towards the $44,000 level. The next significant resistance is near the $45,000 level.
If bitcoin fails to recover above $43,000, it could start a fresh decline. Continuous support on the downside is near the $42,500 zone.