TA: Bitcoin Bounces To $42K, Why BTC Could Recover To $43.5K

TA: Bitcoin Bounces To $42K, Why BTC Could Recover To $43.5K

Bitcoin started a sharp recovery wave from $39,700 against the US Dollar. BTC is rising and the next major stop for the bulls might be $43,500.

Bitcoin spiked towards the $39,600 level, where the bulls took a stand. The price is trading above $42,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $41,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to recover and test the $43,500 resistance zone in the near term. Bitcoin Price Recovers Sharply

Bitcoin price extended decline below the $40,500 support level. BTC even spiked below the $40,000 level and traded as low as $39,659.

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