The Bitcoin (BTC) Price is Predicted to Rise
Bitcoin has experienced a second attempt to resume its current uptrend after being rejected at the $38,000 mark. Analysts have predicted that Bitcoin will reach the psychological price level of $40,000. The price indication on the chart suggests that Bitcoin could reach a high of 1.272 Fibonacci extension or $38,400. However, if its price reaches this level, it is likely to make a U-turn.
Bitcoin’s Future Indicator Reading
Since November 9, Bitcoin has been back in a sideways trend, resulting in horizontal moving average lines on the 4-hour chart. The price bars are currently moving towards the 21-day simple moving average and are expected to retest or break through the resistance level. Key resistance levels are at $30,000 and $35,000 while key support levels are at $20,000 and $15,000.
What’s Next for BTC/USD?
Bitcoin is nearing the end of its uptrend with strong selling pressure at the $38,000 resistance level. The Bitcoin price has been fluctuating between $35,400 and $38,000 with demand drying up twice at recent highs.
Hot Take: Bitcoin’s Price Continues to Surge
The Bitcoin price has started to rise again after another rejection at the $38,000 mark. Analysts predict that it will continue to rise and potentially reach the psychological price level of $40,000.
By
By
By
