Bitcoin (BTC/USD) Maintains Strong Momentum Near May 2022 Highs
Bitcoin (BTC/USD) is trading near its highest level since May 2022, showing strong upward momentum. The cryptocurrency has surged to a high of 35,157.53, triggering numerous stop orders along the way. Previous price objectives suggest that BTC/USD could reach levels around 35,035 and even higher at 35,718, 35,982, and beyond.
Support and Resistance Levels to Watch
During the recent rally, major stops were also triggered above the 34,190.77 area. In terms of support and potential buying pressure, traders are looking at levels around 32,992, 31,652, and lower. On the other hand, resistance levels to watch include 36,541, 37,239, and up to 38,584.
Technical Indicators
The technical indicators are currently showing bullish signals for Bitcoin. The 50-bar MA on the 4-hourly chart is indicating above the 100-bar MA and the 200-bar MA. Similarly, on the hourly chart, the 50-bar MA is above both the 100-bar MA and the 200-bar MA.
Price Analysis and Outlook
The nearest moving average levels for Bitcoin are around 29,545.07 on the 4-hourly chart and 31,822.07 on the hourly chart. Traders expect technical support around levels such as 31,238.97, 30,028.62, and potentially as low as 28,818.26 with corresponding stop orders below these levels.
Closing Thoughts
Bitcoin continues to show strength as it approaches levels not seen since May 2022. Traders are closely monitoring the cryptocurrency’s technical indicators and key support and resistance levels for further price movements. The recent surge has triggered stop orders and could potentially lead to higher price objectives in the future.
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