Bitcoin Standstill Above $40K – Quick Daily Outlook
Bitcoin has begun a new rise above the $40,000 resistance level against the US dollar. BTC is still supported and may rise above the $41,500 resistance level. BITCOIN has reclaimed the $40,000 mark and may continue to grow. The price is currently trading above $40,200 and the 100 hourly simple moving average.
On the hourly timeframe of the BTC/USD pair, a major bullish trend line is forming with support near $39,850. The pair may correct lower, but the bulls will likely remain active near the $40,000 level.
Bitcoin’s Price Remains High
Bitcoin’s price soared to $41,500 before collapsing due to sellers. BTC reacted negatively and even fell below the $40,000 mark. On the other hand, the bulls were active near the $39,000 level and the 100 hourly SMA. A low was formed near $39,300, and the price began to rise again. The price has moved above the $40,000 resistance level.
Bitcoin has even surpassed the $40,800 mark. It is currently consolidating near the $41,000 resistance level. There was a test of the 23.6 percent Fib retracement level of the upward move from the swing low of $39,308 to the high of $41,470.
On the upside, the price is encountering resistance near $41,200. The next resistance could be found near the recent high, or $41,600. A clear break above $41,600 could pave the way for another rally. In the aforementioned scenario, the price could surge to $42,500. Any additional gains could push the price up to $43,200 in the near term.
Dips Accepted in BTC?
If Bitcoin fails to break through the $41,600 resistance level, it may begin a downward trend. On the bearish side, there is immediate support near the $40,500 level.
The next significant support can be found near the $40,300 level. It is close to the 50% Fib retracement level of the upward move from the swing low of $39,308 to the high of $41,470. The main support remains near $40,000, below which the price may test $39,000.
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