Bitcoin Surges Above $40,000 Resistance
The price of Bitcoin has broken through the $38,500 resistance zone and surged above $40,000. This surge in price has been accompanied by strong bullish momentum, with BTC trading above $40,000 and the 100 hourly Simple Moving Average.
On the hourly chart of the BTC/USD pair, a connecting bullish trend line is forming with support near $40,100. This trend line is close to the 50% Fibonacci retracement level of the recent increase from the $39,360 swing low to the $40,890 high.
The next major resistance for Bitcoin is forming near $41,200, and if this level is surpassed, the price could rise towards the $41,500 level. A close above $41,500 may lead to further upward movement, with the next key resistance near $42,000.
However, if Bitcoin fails to rise above the $40,850 resistance zone, a downside correction could occur. Immediate support on the downside is near the $40,500 level. The next major support levels are around $40,000 and the trend line. If the price drops below these levels, there is a risk of further downsides towards the $39,720 support in the near term.
Technical indicators show that both the hourly MACD and RSI are in bullish territory.
Hot Take: Bitcoin Breaks Resistance and Eyes Further Gains
Bitcoin has successfully broken through key resistance levels and surged above $40,000. With strong bullish momentum and trading above the 100 hourly Simple Moving Average, Bitcoin’s price may continue to rise towards the $42,000 resistance level.
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