Bitcoin (BTC) Maintains Positive Momentum
Bitcoin (BTC/USD) is showing a positive upside bias, with the pair remaining resilient and gaining enough momentum to challenge the 38602.40 area. This area is an upside price objective related to buying pressure around the 19568.52 and 24900 levels. Bulls have pushed BTC/USD to the 38013 area after Stops were elected above the 38066.89 area, which is another upside price objective associated with buying pressure at different levels. Traders are also observing significant technical levels linked with historical selling pressure at 69000 and 48240, as well as support levels at 40503, 41225, and 42230.
Technical Levels and Support
Large Stops were recently elected above the 35912.28 and 37362.84 areas, which are important technical levels related to the all-time high of 69000. These levels are also related to historical buying pressure at 3858 and 15460. Following the recent appreciation, areas of technical support and potential buying pressure include levels at 33499, 32873, 32561, 31351, and 30837. Traders have noticed that the moving averages indicate a bullish trend in both the hourly and four-hourly charts.
Price Activity and Technical Analysis
The price activity is closest to the 50-bar MA (4-hourly) at 36941.19 and the 50-bar MA (hourly) at 37173.53. Technical support is expected around levels at 31238.97, 30028.62, and 28818.26, with stops expected below these levels. On the other hand, technical resistance is expected around levels at 38584.16, 39596.82, and 42721.31, with stops expected above these levels. In terms of technical analysis, the SlowK and MACD indicators are showing bullish signals on both the four-hourly and hourly charts.
Hot Take: Bitcoin (BTC) Shows Resilience and Positive Momentum
Bitcoin (BTC) continues to demonstrate its resilience and positive momentum as it challenges key upside price objectives and maintains support levels. Traders are closely watching historical selling and buying pressure areas, which could influence future price movements. With the moving averages indicating a bullish trend and the SlowK and MACD indicators showing positive signals, BTC/USD is positioned for potential further gains. However, it is important to monitor technical support and resistance levels to gauge the market’s strength. Overall, Bitcoin’s performance reflects its continued dominance in the cryptocurrency market.
By
By
By