Bitcoin is consolidating losses above the $43,000 support against the US Dollar. BTC could correct higher towards the $44,275 resistance or $44,850.

  • Bitcoin managed to stay above the $43,000 support zone.
  • The price is still well below $45,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $43,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start an upside correction if it settles above $43,800.

Bitcoin Price Consolidates

Bitcoin price extended decline below the $45,000 support zone. BTC even spiked below the $43,000 level, but the bulls protected more downsides.

The price started trading in a range above the $43,000 level. However, it is still well below $45,000 and the 100 hourly simple moving average. It is now trading near a key bearish trend line forming with resistance near $43,650 on the hourly chart of the BTC/USD pair.

The first major barrier is near the $43,830 level. It is close to the 23.6% Fib retracement level of the key drop from the $46,845 swing high from the $42,905 low.

The next resistance could be near $44,275, where the price might struggle. If there is a move above $44,275, the price could test the $44,875 level. It is near the 50% Fib retracement level of the key drop from the $46,845 swing high from the $42,905 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

Bitcoin price must clear the $44,875 and $45,000 resistance levels to gain bullish momentum. In the stated case, the price may perhaps rise towards the $46,000 resistance zone. An intermediate resistance…


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