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Bitcoin Price Rallies 5% But Key Breakout Resistance Is Still Intact

Bitcoin price jumped from the $40,500 support zone. BTC is up over 5% but the bears are still defending the $43,500 resistance zone.

  • Bitcoin started a strong increase from the $40,500 support zone.
  • The price is trading above $42,000 and the 100 hourly Simple moving average.
  • There was a break above a major bearish trend line with resistance near $41,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline again if it fails to clear the $43,500 resistance zone.

Bitcoin Price Revisits $43,500

Bitcoin price extended its decline below the $41,200 support level. However, BTC remained well-bid above the $40,500 support zone. A low was formed near $40,515 and the price started a fresh increase.

There was a steady increase above the $41,200 and $42,000 levels. There was a break above a major bearish trend line with resistance near $41,850 on the hourly chart of the BTC/USD pair. The pair rallied above the $43,000 resistance zone.




Bitcoin is now struggling to clear the key $43,500 resistance zone. A high is formed near $43,464 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the upward move from the $40,515 swing low to the $43,464 high.

It is well above $42,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $43,250 level. The first major resistance is forming near $43,500. A close above the $43,500 resistance might start a steady increase.

Bitcoin Price



Source: BTCUSD on TradingView.com

The next key resistance could be near $44,200, above which BTC could rise toward the $45,000 level. A clear move above the $45,000 level could set the pace for a test of $46,500.

More Losses In BTC?

If Bitcoin fails to rise above the $43,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,750 level.


The next major support is near $42,000 or the 50% Fib retracement level of the upward move from the $40,515 swing low to the $43,464 high. If there is a move below $42,000, there is a risk of more losses. In the stated case, the price could drop toward the $40,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 20 level.

Major Support Levels – $42,750, followed by $42,000.

Major Resistance Levels – $43,200, $43,500, and $45,000.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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