$40,000 support level. BTC is currently failing to break through the $43,000 barrier zone and is consolidating.

  • Bitcoin began a new rise from the $40,000 support level.
  • The price is currently trading over $42,000, as is the 100-hourly simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), there was a break above a connecting negative trend line with a resistance of approximately $41,050.
  • If the pair breaks through the $43,000 resistance, it could continue to rise.

The Bitcoin price maintains its strength.

Bitcoin’s price has held well above the $40,000 support level. BTC has created a base and has recently begun a new rise above the $41,000 barrier level.

On the hourly chart of the BTC/USD pair, there was a break above a connecting negative trend line with resistance near $41,050. The pair gained momentum over the 50% Fib retracement level of the crucial drop from the swing high of $44,699 to the low of $39,999.

Finally, the price approached the $43,000 resistance level. Bitcoin broke through the 61.8% Fib retracement level of the crucial drop from the $44,699 swing high to the $39,999 low.

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BTCUSD
BTCUSD price chart (source: tradingview)

BTC is currently trading above $42,000 and the 100-hourly simple moving average. On the upside, immediate resistance is located near $43,200. Near $43,500, the first substantial resistance is formed. A closure over the $43,500 resistance level could signal the start of a continuous rise.

The next significant resistance mark might be near $44,500, after which BTC could surge toward $45,000. A clear break above $45,000 might pave the stage for a test of $46,500.

Another drop in “BTC”?

If Bitcoin fails to break through the $43,200 barrier level, it may fall further. On the downside, immediate support is near the $42,500 level and the 100-hourly simple moving average.

The next significant support level is near $42,000, below which the price may test the $41,200 region. More losses are possible if the price falls below $41,200. In the aforementioned scenario, the price could fall, approaching the $40,000 support in the short term.

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