Bitcoin price is now attempting to surpass $40,000. This level is crucial for Bitcoin in order to turn bullish. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin failed to surpass the $40,000 resistance level and is currently having a correction.
- Currently, BTC is trading below $39,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we can see Bitcoin below the support level on a triangle pattern.
- To turn bullish, BTC must surpass the key resistance level at $40,000.
Bitcoin Price Action Analysis
Yesterday, BTC managed to stabilize above the pivot point at $38,000 and at some point move beyond $39,500. However, it failed to break through the $40,000 barrier.
The highest recorded Bitcoin price has been $39,888 before a price correction followed. With that, BTC lost the $39,000 and $38,800 support levels. On the 1-hour chart, Bitcoin lost the support level of a triangle pattern at $38,800.
At this point, BTC is trading below $39,000 and the 1-hour candles are below the SMA100. The lowest recorded Bitcoin price has been $37,028 while BTC is still having a correction.
The first resistance level for BTC is at $38,200 and the SMA100. Following that, the next level will be $38,500 which is near the 50% Fibonacci retracement level from the latest fall from $39,888 to $37,028.
The key resistance level however is at $38,800 which is near the 61.8% Fibonacci retracement level. Stabilizing above this level would bring momentum to the bull run. In this case, BTC will have another good chance to retest the $40k goliath.
On the other hand, if Bitcoin price fails to surpass $38,800, there could be a new downtrend. For this scenario, the first support level will be at $37,200 followed by $36,400. In case of losing the $36,400, BTC will approach $35,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $38,200 $38,800 and $40,000 are the crucial resistance levels for BTC.
Support levels: The $37,200 and $36,400 are currently the key support levels for the price.
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