- Bitcoin regained the $40K mark and may extend its leg-up.
- The price hovers beyond $40.2K and 100hr SMA.
- BTC/USD 1hr chart shows a bullish trend-line developing with $39,850 support (Kraken data feed).
- The pair may retrace lower, but bulls could remain active around the $40K zone.
BTC started new upsurges past the $40K resistance. The leading crypto remains strong and might launch another rally past the hurdle of $41.5K.
BTC Remains Elevated
Bitcoin saw its price spiking towards $41.5K before facing sellers. That had BTC on downward reactions and even plummeted under the $40,000 mark. However, bulls remained active around $39K and 100hr Simple Moving Average.
Meanwhile, the hourly price chart shows a bullish line developing with $39,850 support. Bitcoin printed a low around $39.3K and launched a new upside move. That way, BTC climbed past the resistance zone of $40,000.
The bellwether crypto even rose past $40.8K. For now, BTC consolidated around the $41K resistance area. The pair tested the 23.6% Fibonacci retracement area of the upswing from $39,308 to $41,470 peak.
Upside movements face resistance around $41.2K. The next crucial resistance might appear at $41.6K. A decisive move past this hurdle might clear the road for an additional rally. In such a scenario, the crypto can climb towards $42.5K. Further gains will see the digital coin exploring the $43.2K zone in the short term.
Dips in Bitcoin?
Failure to conquer the resistance at $41.6K might trigger downside movements. The nearest support stands at $40.5K. Losing strength will see BTC hitting the following crucial support around $40.3K. It is around the 50% Fibonacci retracement of the upswing from $39,308 to the highs of $41,470. Meanwhile, the primary support remains at $40K, beneath which Bitcoin will test the $39K mark.
While publishing this content, BTC rides upside waves at $40,702.58. Moreover, the crypto trades in the green, weekly, and daily scale. Maintaining such an outlook will see BTC overpowering near-term resistances. The global crypto market capitalization reflects gains by leading assets in the space, changing hands around $1.81 trillion, following a 3% overnight gain.
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