Bitcoin is still in the game, what could make it surge back up?
The price of Bitcoin is struggling to clear the $40,000 and $41,000 range against the US Dollar. BTC price can decline harshly if there is a break below $37,000 and $36,500.
BTC Price Faces Massive Obstacles
Another attempt has been made by Bitcoin to gain bullish momentum above the $40,000 resistance. But BTC price didn’t continue higher then it remained in a key range of lower than $40,500.
The recent high has formed around $40,923 before the price has started moving in a range. Then, it corrected lower than 23.6% Fib retracement level of the upward move from $31,088 low to $40,923 high. The price now trades around $38,000 and the 100 hourly simple moving average.
There is also a key contracting triangle that forms with support near $37,500 on the hourly chart of the BCT/USD pair. If ever Bitcoin stays above the triangle support trend line, it might start a fresh increase over $39,000.
A quick resistance is near the $39,200 level. The first resistance is near the $40,000 level and the triangle upper trend line. A close above the triangle resistance can open the doors for an increase above the $40,500 and $40,600 resistance in the next term.
Will there be more losses in Bitcoin?
If ever Bitcoin fails to break the $40,000 resistance, there could be a danger of a downside break. A support on the downside is around the $37,500 level.
The first support is near the $36,000 level. It is also near the 50% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. When there is a downside break lower than the $36,000 support, then the price can decline to the $34,000 support zone in the next sessions.
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