Bitcoin (BTC) Price Analysis
As Bitcoin (BTC/USD) continues to take a break, it has reached its strongest print since early May 2022, trading as high as the 37999 area. Stops were elected above the 37890.82 area during the climb higher, with bids emerging around the 35672 area during the pullback. Significant Stops were also elected above the 34965.04 and 37516.08 levels during the recent appreciation, with additional upside price objectives in these appreciating ranges including the 38602, 42721, and 44481 areas.
Areas of technical support and potential buying pressure include the 34757, 33499, 32873, 32561, 31351, and 30837 levels. Large Stops were also recently elected above the 35912.28 area, representing the 38.2% retracement of the depreciating range from the all-time high of 69000 to 15460.
Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Additionally, on the hourly chart, price activity is nearest to the 50-bar MA at 35372.77 and the 50-bar MA at 36434.61.
Technical Support and Resistance
Technical Support is expected around 31238.97/30028.62/28818.26 with Stops expected below. Meanwhile, Technical Resistance is expected around 38584.16/39596.82/42721.31 with Stops expected above.
Chart Analysis
On the 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage. On the other hand, on the 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
Hot Take
The recent Bitcoin price analysis reveals strong upward momentum and significant support levels that indicate a potential bullish trend in the cryptocurrency’s price movement in the near term.
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