Bitcoin (BTC/USD) Price Analysis
As the Asian session began, Bitcoin (BTC/USD) saw a drop in value, slowing down after once again testing the 35912 area. This area represents the 50% retracement of the broad trading range between 69000 and 15460. However, buying pressure was renewed around the 34530.67 area during the surge, which indicates the potential for continued positive range expansion above the recent 18-month highs around 35997.80.
Stops were also elected above the 34190.77 area during the surge to multi-month highs, and additional upside price objectives are in the 36115 to 44269 range. Traders are observing that the 50-bar and 100-bar MAs are bullishly indicating.
Price activity is closest to the 50-bar MAs at 34859.61 and 35108.36. Technical support is expected around 31238.97, while resistance is expected around 36541.57.
On the 4-Hourly chart, SlowK is Bullishly above SlowD, while the MACD is Bullishly above MACDAverage. On the 60-minute chart, SlowK is Bullishly above SlowD, while the MACD is Bearishly below MACDAverage.
Hot Take
Bitcoin’s recent price moderation indicates further upside potential, with renewed buying pressure and expected technical support boding well for future gains. However, resistance at 36541.57 should be closely watched to determine the potential for further growth.
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