Bitcoin price extended its rally above the $43,200 resistance. BTC is now consolidating gains and might rally further toward the $45,000 zone.
- Bitcoin surged further above the $42,200 and $43,200 levels.
- The price is trading above $43,200 and the 100 hourly Simple moving average.
- There are two bullish trend lines forming with support near $43,200 and $41,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower toward $43,200 before it starts a fresh increase.
Bitcoin Price Extends Rally
Bitcoin price remained in a steady uptrend above the $40,000 resistance zone. BTC gained over 15% in the past few days and even surged above the $42,000 zone.
The upward move gained pace above the $43,200 resistance zone. A new multi-month high is formed near $44,465 and the price is now correcting gains. There was a move below the $44,000 level. The price is still above the 23.6% Fib retracement level of the upward move from the $39,476 swing low to the $44,465 high.Bitcoin also trades above $43,200 and the 100 hourly Simple moving average. Besides, there are two bullish trend lines forming with support near $43,200 and $41,800 on the hourly chart of the BTC/USD pair. The second trend line is close to the 50% Fib retracement level of the upward move from the $39,476 swing low to the $44,465 high.
On the upside, immediate resistance is near the $44,200 level. The first major resistance is forming near $44,450, above which the price might rise toward the $45,000 level.