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The Bitcoin price continues to face challenges, with difficulties surmounting the $43,500 resistance zone. If the price manages to exhibit a steady rise above the $44,000 resistance zone, it could signal the beginning of a recovery wave. Following the start of a consolidation phase from the $41,500 zone, Bitcoin’s price has remained above $42,500 and the 100 hourly Simple moving average. A noteworthy upward trend is shaping up with a resistance near $44,000 on the BTC/USD pair’s hourly chart.
The potential for a wholesome recovery wave is evident if the BTC/USD pair manages to break above the $44,000 resistance zone. Bitcoin has found significant support near the $41,500 zone, managing to recover a few points and establishing a consolidation phase. Despite a spike over the 23.6% Fib retracement level of the primary decline from the high of $49,000 to the low of $41,575, hurdles persist. However, continued bull action might facilitate recovery over the $43,250 resistance, with major resistance observed at $44,000, corresponding to the channel trend line.
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