Bitcoin (BTC) Maintains Strong Momentum for Longs
Bitcoin (BTC/USD) continues to show positive momentum as it remains close to reaching a new multi-month high. The price of BTC is currently around 35997.80, its strongest level since May 2022. Bids have been seen around the 34500 level, pushing the price higher to the 35410 area. This represents a test of the 23.6% retracement from the previous range of 33400 to 35997.80.
There has also been buying pressure around the 34753.66 area, leading to further gains for BTC/USD and another test of the 23.6% retracement from the broader range of 33000 to 35997.80. The recent high of 35997.80 is an important level as it represents an upside price objective related to previous buying pressure at 28122 and 32525 levels.
Additionally, this high serves as a test of the 50% retracement from a historical range of 69000 to 15460, and the 61.8% retracement from a range of 48240 to 15460. Traders have also triggered stops above the 34190.77 level, which was a significant downside price objective due to selling pressure at the all-time high levels of 69000 and 59249.
Potential Upside Price Objectives and Support Levels
Looking ahead, there are several potential upside price objectives for BTC/USD including levels at 36115, 36541, and up to 44269. On the other hand, areas of technical support and possible buying pressure can be found at levels such as 33761, 33378, and down to 30448.
Technical indicators suggest a bullish outlook for BTC/USD. The 50-bar MA (4-hourly) is above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). Similarly, the 50-bar MA (hourly) is indicating bullishness above the 100-bar MA (hourly) and the 200-bar MA (hourly).
Key Technical Levels and Analysis
The price is currently closest to the 50-bar MA (4-hourly) at 34655.89 and the 50-bar MA (hourly) at 34912.03. Technical support is expected around levels of 31238.97, 30028.62, and down to 28818.26, with potential stops below these levels. On the other hand, technical resistance is anticipated at levels of 36541.57, 37239.15, and up to 38584.16, with potential stops above.
In terms of technical indicators, on the 4-hourly chart, SlowK is below SlowD, indicating bearishness, while MACD is above MACDAverage, indicating bullishness. On the hourly chart, SlowK is above SlowD and MACD is above MACDAverage, both suggesting bullish momentum.
Hot Take: Bitcoin Shows Strength in Its Momentum
Bitcoin (BTC) continues to exhibit strong momentum as it approaches a new multi-month high. The recent surge in price has tested significant retracement levels and upside objectives, indicating a positive trend for BTC/USD. Traders are closely monitoring support and resistance levels for potential buying or selling opportunities.
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