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TA: Bitcoin Price Rally Pauses But Upsides Could Restart Against US Dollar

Bitcoin price again started a powerful upward move above $43,000 against the US Dollar. BTC spiked above $44,000 and is currently on the lower.

Bitcoin gained stride for a move above the $43,000 resistance zone. At the time of writing, the price is trading above the $42,500 and 100 hourly simple moving average.

There is a high bullish trend line forming with support near $43,200 on the hourly chart of the BTC/USD pair. Further, the pair is correcting gains; however, the dips could be restricted below the $43,200 level.

Bitcoin Price Expands Recovery Against US Dollar

At the time of writing, Bitcoin price gained pace after there was a close above the $42,000 resistance zone. BTC even climbed above the $43,200 resistance zone and a close above the 100 hourly simple moving average.

Moreover, Bitcoin price even spiked above the $44,000 level against US Dollar. A high has formed nearly $44,348, and the price is correcting gains. This indicates that the price is traded below the $44,000 support level. Further, there was a break below the 23.6% Fib retracement level of the upward move from the $42,505 swing low to $44,348 high.

In addition, there is a central bullish trend line forming with support near $43,200 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $42,500 and the 100 hourly simple moving average.

Bitcoin Price Via Trading View

Fresh Fall in BTC?

If bitcoin fails to continue higher above $44,000, it could continue to go down. Immediate support on the downside is near the $43,400 zone at the time of writing. 

Lastly, the 50% Fib retracement level of the upward move from the $42,505 gone lower to $44,348 high is also near the $43,400 level.



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