Bitcoin price finally stabilized its position above $40,000. Currently, BTC is likely to surpass the $42,650. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin surpassed the $40,000 resistance level.
- Currently, the price is over $40,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we have a new uptrend with support level at $41,600.
- In case Bitcoin surpasses the $42,650, the uptrend will continue.
Bitcoin Price Action Analysis
Following a successful break through from $38,500, BTC gained a strong positive momentum. Subsequently, the price managed to surpass $40,000 and the SMA100. The rally had such momentum that pushed the price above $41,200. With that, the highest recorded price in the past few hours is at $42,694 before a price correction. It seems that Bitcoin price is charging up for another bull run.
On the 1-hour chart, we have a crucial uptrend with support level at $41,600. As of now, the price is above the 23.6% Fibonacci retracement level from the latest growth from $37,324 to $42,694.
The first resistance level is at $42,650 followed by $43,200. Moving above $43,200 can trigger a new rally. In that case, we could expect $45,000 to be the next resistance level.
On the other hand, If Bitcoin price fails to surpass $42,650, there will be a new price correction to follow. For this scenario, the first support level us at $41,600 followed by the next at $40,000. This level is near the 50% Fibonacci retracement level from the latest growth. Further decline can bring BTC as low as $39,500 and the SMA100. In that case, BTC could have a sudden plunge.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $42,650, $43,200 and $45,000 are the crucial resistance levels for BTC.
Support levels: The $41,600 and $40,000 are currently the key support levels for the price.
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