Bitcoin Price Continues to Rise Above $38,000
The price of Bitcoin (BTC) has maintained its upward trend and surpassed the $38,000 mark. This indicates a bullish sentiment in the long term.
Bitcoin Price Long Term Prediction: Bullish
Bitcoin buyers have successfully kept the price above the 21-day SMA since November 9. However, there is an ongoing battle between the bulls and bears as the price fluctuates between $37,500 and $38,400.
The resistance level has been tested multiple times, which may weaken it. If the recent peak is surpassed, Bitcoin is expected to reach $40,000. Currently, the BTC price stands at $38,018.
If the bears break the 21-day SMA support, it will invalidate the bullish scenario. The price may drop to previous lows of $36,000 and then $34,000.
Bitcoin Indicator Reading
The price bars on both charts are above the upward sloping moving average lines, indicating a rise in value. However, the presence of doji candlesticks is causing a delay in price movement.
Technical Indicators:
Key resistance levels: $30,000 and $35,000
Key support levels: $20,000 and $15,000
What’s Next for BTC/USD?
BTC is currently trading within the range of $37,500 to $38,400. The cryptocurrency has been forming higher highs and higher lows during this rally. The recent halt at $38,400 suggests that a rise to $40,000 is possible if the bulls continue to test the resistance barrier.
Hot Take: Bitcoin Price Surpasses $38,000 with Bullish Momentum
The price of Bitcoin has continued to surge above $38,000, indicating a bullish trend in the long term. Despite encountering resistance multiple times, the current level is expected to weaken with frequent retests. Breaking the recent peak could lead to a further rise towards $40,000. However, if the bears break the 21-day SMA support, it may invalidate the bullish scenario and cause a drop in price. Technical indicators show key resistance levels at $30,000 and $35,000, while support levels are at $20,000 and $15,000. BTC/USD is currently trading within a range but has the potential to reach $40,000 if the bulls maintain their momentum.
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