Price Analysis

Bitcoin(BTC) Price Yet Again Above $40,000! Traders Look Out for the Pivotal Levels Here!

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • Bitcoin price is trading comfortably above $41,700 and appearing quite bullish in the immediate short term

  • A quick breakout in the early trading hours uplifted the BTC price which had stuck up just below the $40,000 from a long time

  • Yet the immediate target of the rally appears to be around $42,000 which may seal an uptrend towards $44,000 soon

Whenever the Bitcoin price is speculated to be more or less stagnant, the star crypto makes a larger move proving its strength. A similar instance occurred in the early trading hours when the assert broke above the consolidation to hit $41,700. However, no major possibilities of a pullback or correction are witnessed as of now but yes, the buyers are exhausted a bit. Therefore, the upcoming price trend may be extremely interesting to watch out for as the BTC price despite showing bullish momentum, tend to drop down massively. 

Bitcoin(BTC) Short-Term Price Analysis

  • Bitcoin after a notable spike flashes out huge bullish signals as the asset is swinging within a bullish flag pattern
  • Therefore, consolidation within the parallel channel for the next couple of hours is pretty much possible that may result in a breakout
  • The breakout from these levels may uplift the price towards the upper resistance around $43,000
  • Here, the bears are expected to get activated yet again who may try hard to drag the price below $42,000 yet again. 
  • Hence the bulls are required to maintain a similar strength along the $43,000 price zone too, in order to maintain a significant uptrend

Bitcoin(BTC) Short-Term Technical Analysis 

IndicatorValueAction
Relative Strength Index(RSI)78.33Buy
MACD907.2Buy
Average Directional Index(ADX)63.5Buy
Average True Range(ATR)447.3Less Volatile
Bull-Bear Power2443.92Buy
  • The RSI is extremely bullish as its approaching the overbought levels strongly. No doubt a minor plunge may be expected once these levels are attained. Yet RSI may withstand without falling towards lower levels
  • MACD, showcases extreme buying pressure mounting and hence no short-term reversal or pullback may be expected until the asset smashes the near resistance
  • ADX, which is a strength indicator, displays huge strength accumulated with the rally which is extremely bullish
  • On the other hand, the volatility indicator ATR points out the asset to be less volatile and hence no significant change in trend is expected
  • The bulls appear to be extremely strong and the Bull-Bear power is extremely bullish

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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