Bitcoin Maintains Positive Bias, Bulls Rally at 42575 Retracement
Bitcoin (BTC/USD) is showing a strong positive bias, with bulls pushing the price higher. The pair encountered upside technical pressure around the 50% retracement level of the recent range. The recent high at the 45000 level tested an upside price objective linked to historical advances.
Upward price objectives above the current levels include 46105, 46487, and 49161. On the downside, there are potential price objectives at 40185 and 38773. Recent selling pressure triggered stops below significant technical levels, while technical support and buying pressure can be seen at 38998, 38028, 37321, and 35285.
The moving averages indicate bearish and bullish indications across different timeframes. Price activity is nearest the 100-bar MA at 42520.51 and the 50-bar MA at 42925.73.
Technical Analysis and Support/Resistance Levels
Traders are observing that the 50-bar MA (4-hourly) is below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). The 50-bar MA (hourly) is indicating a bullish signal above the 100-bar MA (hourly) and the 200-bar MA (hourly).
Technical support is expected around 37392.45, 36720.55, and 35633.00, with stops expected below. Technical resistance is expected around 46487.10, 47108.16, and 48240.00, with stops expected above.
On the 4-hourly chart, SlowK is bearishly below SlowD, while MACD is bullishly above MACDAverage. On the 60-minute chart, SlowK is bullishly above SlowD, while MACD is bearishly below MACDAverage.
For more detailed technical analysis, you can view Yesterday’s Trading Analysis by Sally Ho.
Hot Take: Bitcoin’s Bullish Momentum Continues
Bitcoin (BTC) has maintained a strong positive bias as bulls drive the price higher. In recent trading, the pair encountered upside technical pressure and reached a multi-month high. Despite some profit-taking activity, the overall outlook remains bullish, with upward price objectives in sight. However, downside risks persist, and there are potential support levels to watch. Technical indicators suggest mixed signals in terms of moving averages, while resistance and support levels provide important reference points for traders. Bitcoin’s bullish momentum demonstrates the ongoing interest in the cryptocurrency, making it a prominent asset in the market.
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