Bitcoin Price Analysis: The market has a better chance of crossing the $ 40,000 mark
Bitcoin buyers are currently struggling to break the key resistance of $ 38,800. As long as the $ 37,400 support is maintained, we can hope for higher prices.
To Report Bitcoin price, the price of bitcoin yesterday was corrected below $ 38,000 and continued below the level of $ 37,000; But buyers reactivated with prices returning to $ 37,650. The price floor formed yesterday at around $ 36,667 and since then the market trend has been upward.
The price jump was initially accompanied by a break of the $ 37,500 resistance and a simple 100-hour moving average. A downtrend line also formed a resistance in the range of $ 37,450, which buyers managed to overcome.
The uptrend continued to break the $ 38,000 resistance, and as the chart shows, the price peaked today at $ 38,786. Bitcoin is currently facing a $ 38,800 hurdle to follow its uptrend in the last 24 hours.
The price of Bitcoin is currently fluctuating close to the 23.6% Fibonacci retracement level. In this analysis, Fibonacci levels are set based on the upward movement of the price from $ 36,667 to the peak of $ 38,786. If the uptrend continues with the same beat, the closest resistance to the price will be at $ 38,500.
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The first key resistance is the $ 38,800 level, and crossing it could pave the way for further leaps. After that, $ 39,500 will act as the second obstacle for buyers, and if the market manages to break this level, Bitcoin will have a chance to experience a price above $ 40,000 again after a long time.
Buyers’ failure to break the $ 38,800 resistance, on the other hand, could spark a new bearish correction. In such a situation, the closest price support will be at $ 38,000.
The $ 37,750 range and the 50% Fibonacci retracement level will be the first key price support. After that, if the $ 37,500 support is lost, the price is likely to fall to $ 37,000.
The MACD is out of range and the Relative Strength Index (RSI) is above the 50 level.
As mentioned, $ 37,500 and $ 37,000 are key Bitcoin supports, and $ 38,500, $ 38,800 and $ 40,000 also act as price resistance.