The Price of Bitcoin Approaches $40,000
The price of Bitcoin (BTC) is rising and approaching the psychological milestone of $40,000. On November 9, the largest cryptocurrency rose to a high of $37,978 before falling well above the support level of $36,000.
Bitcoin Price Long-Term Forecast: Bullish
After reaching a new high, the subsequent upward movement has been halted by resistance at $37,500. In other words, Bitcoin is currently trading between $36,000 and $37,500. If buyers break through the $37,500 and $38,000 barrier, the uptrend will continue and will reach a high of $40,000. However, if the price declines and falls below the support level of $36,000, there is an increased risk of Bitcoin collapsing.
Bitcoin Indicator Reading
The price bars on the 4-hour chart have broken below the 21-day SMA but above the 50-day SMA. The Bitcoin price is expected to move between $36,000 and $37,500. If the price falls below the 21-day simple moving average, the bearish momentum will extend to the 50-day simple moving average.
Technical Indicators:
Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000
What is the Next Direction for BTC/USD?
Bitcoin is on the retreat after hitting a high of $37,978. The extent of the pullback is unknown. The uptrend will resume when it retraces and finds support above the moving average lines. Analysts expect Bitcoin to rise to a high of $40,000 if current resistance levels are broken.
Hot Take: Bitcoin’s Ascend Toward New Heights
As Bitcoin continues its upward trend toward new heights approaching $40,000 with recent highs around $37,978. It’s crucial for buyers to break through resistance levels at $37,500 and $38,000 to sustain this bullish momentum. However, if support levels at or below $36,000 are breached there may be an increased risk of a significant decline in Bitcoin’s price.
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