Bears didn’t manage to develop the price correction of Bitcoin. Level of 42000 has provided strong support and has become a starting point for a new growth. After several hours of consolidation, the BTC/USD pair began a new increase. The pair managed to overcome the resistance level 43000. Successful break up intensified bulls, it helped the BTC/USD pair to rise above 44000 and reach the high in the area of 44400. At the time of publication, the BTC/USD pair slightly dropped and traded around 44150.
On the hour chart, the BTC/USD pair continues to form an upward trend. The trend line provides support in the area of 43300. However, at the top, the pair movement is limited in the area of 44500. MA100 provides fundamental support in the area of 42500.
A pair of BTC/USD reached a three-week maximum. To continue the growth of the pair, it is necessary to rise above the resistance area of 44400-44500. The breakdown of this area will also allow the BTC/USD pair to leave the side channel in which it stays from the beginning of February. In case of success, the pair of BTC/USD will be able to continue growth in the area of 47000, because in its path it will not meet strong resistance.
If the bulls fail to develop growth, the pair of BTC/USD can be stuck in the range of 43800-44200. The decline below the level of 43800 will put pressure on the pair and will cause a decrease in the area of 43200-42750.