Bitcoin Price Attempts Recovery from Support Zone
The price of Bitcoin is currently trying to recover after finding support around the $38,500 zone. It is now trading just above $40,000 and the 100 hourly Simple Moving Average.
Crucial Resistance Levels Ahead
However, there are several hurdles that Bitcoin may face in its upward movement. The immediate resistance is near $40,250, where a crucial bearish trend line is forming on the hourly chart of BTC/USD. If the price manages to break above this trend line, the next key resistance levels to watch out for are $40,380 and $40,850.
Potential for Another Decline
If Bitcoin fails to surpass the $40,380 resistance zone, it could experience another decline. The initial support on the downside is near $39,420, followed by a major support level at $38,500. A close below this level could lead to further bearish momentum and a potential drop towards the $37,000 support in the near future.
Technical Indicators
The MACD indicator shows that the momentum is currently in favor of bears. However, the RSI indicator for BTC/USD is above the 50 level, indicating potential bullish strength.
Hot Take: Bitcoin’s Recovery Faces Key Resistance Levels
The recovery of Bitcoin from its recent support zone faces significant resistance ahead. Breaking above these resistance levels will be crucial for further upside movement. On the other hand, failure to overcome these hurdles could result in another decline for Bitcoin. Traders should closely monitor key levels and indicators to gauge the market sentiment and make informed trading decisions.
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