Bitcoin Faces Key Resistance at $44,400 Amidst Recovery Efforts

The price of Bitcoin initiated a phase of recovery above the $43,200 resistance level. BTC even surpassed the resistance level of $43,500 to advance further into a positive zone.

Despite a respectable ascent, bears were active near the $44,500 resistance area. It encountered resistance in the vicinity of the 76.4% Fib retracement level of the decline from the swing high of $45,913 to the low of $39,500.

The price has reached a trough near $44,784, and it is presently retracing its gains.

A movement occurred below the $44,000 threshold. The price was trading below the 23.6% Fib retracement level, which marked the upward movement from the swing low of $39,501 to the high of $44,784.

At present, the price of Bitcoin falls below both $44,000 and the 100-hour simple moving average.

Optimal resistance is located close to the $44,000 threshold. The initial significant obstacle is $44,400. An additional crucial adverse trend line is emerging, with resistance in the vicinity of $44,400 on the hourly chart of the BTC/USD pair.

A closing price above $44,400 could propel the stock price even higher. The subsequent significant level of resistance is located at $45,500. Additional gains above $45,500 may pave the way for a potential advance toward $46,000.

Failure by Bitcoin to surpass the resistance zone at $44,400 may result in a new downward trend. Downward immediate support is located close to the $42,800 level.

Near $42,150, or the 50% Fib retracement level of the ascent from the $39,501 swing low to the $44,784 high, lies the subsequent significant support.

A decline below $41,150 could result in the price accumulating adverse momentum. Given the circumstances, the price may decline in the near term toward the $40,500 support.