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Bitcoin’s price is showing signs of recovery, pushing past the cap of $42,000. There are indications that if it can exceed $42,800 and $43,500, a surge towards $45,000 could be on the horizon. The price movement above a resistance zone and over the 100 hourly Simple Moving Average is indicative of a positive trend. Important to note is a bullish trend line with support at $41,500 currently being charted on the hourly chart of the BTC/USD pair. If the price manages to surmount $42,800 and $43,500 resistance points, a consistent rise is anticipated.
The Bitcoin price has established a secure base above the $40,000 support zone, and has made reasonable progress above the $41,200 and $41,500 resistance zones. This movement opened possibilities for additional gains surpassing $42,000 and the 100 hourly Simple Moving average. Eventually, the price reached the $42,800 area, forming a high close to $42,800, which was followed by a minor drop under the $42,200 mark. The bitcoin price is now above $41,500 and the 100 hourly Simple Moving Average. If it can pass the $43,500 resistance, it could possibly drive the price to reaching the $44,250 range resistance. The next resistance is close to the $45,000 level, and a closing above this could potentially lead the price even higher, with the following substantial resistance sitting at $46,500.
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