TA: Bitcoin Price Gearing For Another Lift-Off: Rally Isn’t Over Yet

Bitcoin made another attempt to gain pace above the $45,000 resistance against the US Dollar. BTC is still consolidating and remain supported near $43,000. Bitcoin spiked above the $45,000 resistance zone and traded as high as $45,349. The price is trading above $43,000 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $42,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower, but the bulls might be active near $43,000 or $42,500. Bitcoin Price Remains Supported Bitcoin price remained supported above the $43,000 level. BTC made another attempt to start a fresh increase above the $44,500 level. It even spiked above the $45,000 resistance level. However, there was no upside continuation above $45,350. A high was formed near $45,349 and the price is now correcting gains. There was a move below the $45,000 and $44,500 levels. The price also tested the 23.6% Fib retracement level of the upward move from the $37,030 swing low to $45,349 high. It is now trading above $43,000 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $42,500 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com Bitcoin is now facing resistance is near the $44,250 level. The first key resistance is near the $45,000 level. A clear move above the $45,000 resistance might set the pace for ...