TA: Bitcoin Revisits Breakout Zone, Can Bulls Make It?

Bitcoin started a fresh increase above the $42,500 resistance against the US Dollar. BTC may soon attempt an upside break above the $43,500 resistance zone. Bitcoin remained supported near $42,000 and started a fresh increase. The price is trading above $42,500 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $42,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate higher if there is a clear move above the $43,300 resistance zone. Bitcoin Price Eyes Upside Break Bitcoin price found support near the $42,000 zone after a downside correction. BTC formed a base and started a fresh increase above the $42,500 resistance zone. There was a clear move above the $42,800 level and the price settled above the 100 hourly simple moving average. The price even spike above the $43,000 level and formed a high near $43,288. It is now consolidating near the $43,000 level. There was a move below the 23.6% Fib retracement level of the recent wave from the $41,811 swing low to $43,288 high. Besides, there is a major bullish trend line forming with support near $42,300 on the hourly chart of the BTC/USD pair. On the upside, the price is facing resistance near the $43,300 level. The next major resistance could be near the $43,500 zone. A successful break and close above the $43,500 level might start another steady increase. Source: BTCUSD on TradingView.c...