Bitcoin price bounced back from $39,700 with a strong uptrend. Currently, it is on a quick recovery and is likely to surpass $43,500. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin had a spike falling as low as $39,600 but the buyer did not allow it to go further down.
- Currently, the price is above $42,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, BTC surpassed the resistance level of a downward trendline at $41,800.
- It is likely that the price will continue upward and reach $$3,500 in short-term.
Bitcoin Price Action Analysis
BTC had a strong decline coming down below $40,500 and even $40,000 with a low of $39,659. Following that, Bitcoin regained the $40,000 level thanks to the buyers. At that point, BTC quickly surpassed the $40,500 and $41,200. The price finally moved above the 50% Fibonacci retracement level from the latest fall from $42,739 to $39,659.
Furthermore, looking at the 1-hour chart, we can see BTC surpassing the $41,800 which is a key level. Currently, the price is above $42,000 and the 1-hour candles are above the SMA100.
The first resistance level is at $42,750 followed by $43,500 which is near the 1.32$ Fibonacci retracement level. Further growth can bring the price close to $44,500 and $45,500. However, it is also possible that the sellers would not allow another pump.
On the other hand, if Bitcoin price fails to surpass $43,500, there could be a new downtrend. In that case, the first support level is expected to be $41,800 and the SMA100. The next key support level will be $41,500 and the broken trendline. If Bitcoin price loses this level, the price can once again approach $41,000. Further growth can push BTC below $40,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $42,750, $43,000 and $43,500 are the crucial resistance levels for BTC.
Support levels: The $41,500 and $40,500 are currently the crucial support levels for the price.
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