Bitcoin price surpassed the $39,000 resistance level. It managed to touch $40,000 and is likely to continue upwards in short-term. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin price surpassed the $38,00 and $39,000 resistance levels.
- Currently, BTC is trading above $39,000 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we see Bitcoin has broken a key resistance level at $38,475.
- It is likely for BTC to continue the rally well-above the $40,000 and $40,300 levels.
Bitcoin Price Action Analysis
Bitcoin found a strong bottom at $37,500 and managed to pivot upwards and surpass $38,500. On the 1-hour chart, BTC managed to break a key resistance level at $38,475 and stabilize above $39,000 and the SMA100. Finally, the price moved above $40,000 with a spike. The highest recorded price in the past few hours is at $40,029 before going for a correction. Currently, BTC is consolidating above the 23.6% Fibonacci retracement level from the latest rise from $37,507 to $40,029.
The first resistance level is at $40,000 followed closely by $40,300. Surpassing the $40k level could motivate the buyers and push BTC toward $41,000. With that, the $41,500 will be the next crucial resistance level.
On the other hand, if Bitcoin price fails to surpass $40,000, there could be deeper correction ahead. In that case, the $39,500 will be the first support level followed by $39,000 on the latest breakout point. Further decline can bring BTC down to the 50% Fibonacci retracement level. Moreover, dipping below $38,750 can squeeze the buyers out of their positions. Subsequently, BTC can potentially fall as low as $38,500 and the SMA100.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward momentum.
RSI: the 1-hour relative strength index is currently above 60.
Resistance levels: Right now, the $40,000, $40,300 and $41,000 are the crucial resistance levels for BTC.
Support levels: The $39,500 and $39,000 are currently the key support levels for the price.
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