Bitcoin experienced a rapid recovery after the US dollar fell to $39,700. BTC is on the rise, and it’s possible that $43,500 will be the next big stop for the bulls.
- Bitcoin soared to the $39600 mark, at which point the bulls took action.
- The price trades above $42,000.
- The hourly BTC/USD chart showed a breakout above the key bearish trendline with resistance at $41,800 (data feed Kraken).
- It is possible that the pair will continue to rebound and may test the $43,500 resistance in the near future.
Prices of Bitcoin Recover Sharply
Bitcoin’s price continued falling below the $40,000. support level. BTC also traded below the $40,000 mark and as low as $39,659.
Recently, there has been a strong recovery above the $40,000 mark. Price climbed above $40,500 resistance and $41,200 resistance. Even the bulls pushed the price up above 50% Fib resistance levels, which mark the end of the current decline from $42,739 high swing to $39.659 low.
On the hourly chart for the BTC/USD pair, there was an above-average break of a bearish trend line that had resistance close to $41,800. Bitcoin trading at above $42,000 as well as the 100-hourly simple moving Average.
Source: BTCUSD at TradingView.com
The $42,750 mark is the initial major resistance. Near the $43,500 mark is the next significant resistance. The 1.236 Fib extension point of the decline from $42,739 swing high and $39,659 low is at its closest. Gains could push it towards $44,500. Bears may emerge near $45,500, which is the next level of resistance.
BTC – A New Decline
It could see a sharp decline in bitcoin if the price of Bitcoin falls below $43,500. Support for the downside can be found near the $41,800 level and the 100 hourly SMA.
Near $41,500 is the first support and then there’s the trend line. The trend line support is near $41,500. A negative break could push the price to the $41,000 mark. Any further losses may push the price toward the $40,000 level in the coming sessions.
Technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $41,500, followed by $40,500.
Major Resistance Levels – $42,750, $43,000 and $43,500.