TA: Bitcoin Reaches Crucial Juncture, Can BTC Clear This Barrier?

Bitcoin price extended its recovery above the $43,500 level against the US Dollar. BTC is now facing a major barrier near $44,200 and $44,400. Bitcoin recovered above the $42,500 and $43,500 resistance levels. The price is now trading above $43,000 and the 100 hourly simple moving average. There is a rising channel forming with support near $43,340 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further higher if there is a clear break above the $44,400 resistance. Bitcoin Price Revisits Resistance Bitcoin price remained stable and extended its increase above the $43,000 level. BTC even broke the $43,500 level and settled above the 100 hourly simple moving average. However, the price is still struggling to clear the $44,200 and $44,400 resistance levels. A high is formed near $44,100 and the price is now consolidating gains. It is now trading above $43,000 and the 100 hourly simple moving average. An immediate support is near the $43,500 level. There is also a rising channel forming with support near $43,340 on the hourly chart of the BTC/USD pair. The channel support is near the 23.6% Fib retracement level of the recent increase from the $40,891 swing low to $44,100 high. On the upside, an immediate resistance is near the $44,100 level. Source: BTCUSD on TradingView.com The first major resistance is near the $44,400 level, above which the price could start a major increase. The next ...