- Bitcoin started new upward movements after securing the support of around $41.6K.
- The currency hovers above $43K and 100hr Simple Moving Average.
- The 1-hr chart shows a break past a vital bearish trend-line with a resistance of $42,250.
- Bitcoin needs a clear move past the resistance of $43.8K for extended upside.
Bitcoin recovers recent losses as it trades beyond the $43,000 mark. The world’s leading crypto need to overpower $43,800 for extended surges in the short term.
BTC Price Kick-Starts Recovery
Bitcoin suffered an extended plummet beneath the support floor of $42K. Nevertheless, the crypto secured support beyond the $41.5K mark. BTC launched a lucrative recovery wave after forming a low near $41,573.
The resultant upswing led to a break beyond the resistances of $42K and $42.5K. The asset’s price rose beyond the 23.6% Fibonacci retracement area of the crucial drop from $45.9K to $41,570. Furthermore, Bitcoin broker above a bearish trend-line with $42,250 resistance on BTC/USD one-hour chart.
Bitcoin trades above $43K and 100hr Simple Moving Average at this publication. It even overpowered the resistance of $43.5K. Nevertheless, bulls are now encountering hurdles around the $43.8K mark.
Meanwhile, the 50% Fibonacci retracement of the drop to $41,570 from $45.9K highs also stands near $43.8K. A decisive move past the resistance of $43.8K might see the price climbing further. Bitcoin will meet the following massive resistance at $44,850, beyond which BTC price may surge towards the resistance zone of $45.5K.
New Declines in Bitcoin
Failure to overpower the resistance at $43.8K might translate to new declines. With that, the coin will discover an immediate foothold at $43.2K. The following critical support floor stands at $42,850 (the latest breakout area). Meanwhile, a downward move beneath this zone will lead to further downward retracements. Another support barrier stands at $42K, under which BTC will risk a new low beneath $41,570.
Now, Bitcoin’s fate depends on the coin’s reaction at the $43,800 level. Rejection at this resistance might translate to new lows for Bitcoin. However, increased buying activity will see Bitcoin challenging higher levels.
What are your views about this technical analysis? Will BTC dip or climb higher? You can comment below.
