Bitcoin’s price is currently consolidating above the $42,500 support level. In order to gain bullish momentum, BTC needs to clear the resistance levels at $43,400 and $43,500. The price is currently trading above the 100 hourly Simple Moving Average and there is a rising channel forming with support at $42,450. If Bitcoin can successfully break the $43,500 resistance, it could lead to a strong increase with the next targets at $44,200 and $45,000. However, if the resistance level holds, Bitcoin may experience another decline, with immediate support at $42,900 and the channel trend line. The MACD indicator is losing pace in the bullish zone, while the RSI is above the 50 level. As always, it is advised to conduct individual research before making any investment decisions.
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Bitcoin Price Reclaims 100 SMA But Can Bulls Clear This Hurdle
