- BTC launched decent increases beyond the resistances at $38.8K and $39K.
- For now, the price trades beyond $39K and 100-hourly Simple Moving Average.
- BTC’s 1hr chart shows the crypto broke past a massive bearish line with resistance at $38,474.
- Bitcoin can challenge upside levels of $40K and $40.3K.
Bitcoin gained an upside pace beyond the resistance hurdle at $39K. The crypto even touched $40K and appeared ready for extended upsurges in the short term.
BTC Breaks Higher
Bitcoin saw its price actions printing a dependable base beyond the $37.5K area. The bellwether crypto launched stable upticks and conquered the resistance hurdle at $38.5K. Bitcoin witnessed a break beyond a massive bearish line with a resistance of $38,475 on the hourly price chart.
Upward moves saw Bitcoin settling beyond the $39K and 100-hourly Simple Moving Average (SMA). Last Bitcoin touched the resistance zone at $40K before a slight correction. The crypto formed a high near $40,029 and consolidated gains at this publication. Bitcoin trades well beyond the 23.6% Fibonacci retracement market of the latest upsurge to $40,029 from the swing low of $37,507.
For now, Bitcoin encounters upside resistance around the $40K value area. Overcoming this level will have the world’s leading cryptocurrency at $40.3K. A closing beyond this resistance might lead to improved market sentiment. That would see Bitcoin on a steady rise to $41K. Another resistance zone will showcase at $41.5K.
Downtrends in Bitcoin?
Bitcoin will experience downward retracement if it fails to overcome the resistance at $40K. The initial support level stands at $39.5K. Breaching this foothold will mean hitting the latest breakout point at $39K.
Any further losses can have Bitcoin testing the 50% Fibonacci retracement market of the latest move to $40,029 from $37,507. Meanwhile, breaking beneath the footing at $38,750 may pressure BTC bulls in the near term. Another foothold will emerge at $38.5K and 100-hourly Simple Moving Average.
While publishing this post, the total market cap of all digital currencies stood at $1.80 trillion, gaining 4.81% over the previous 24 hours.
Technical Indicators
Crucial support zones – $39.5K, then $39K
Critical resistance zones – $40K, $$0.3K, and then $41K.