Bitcoin (BTC) Defends $38K on Its Daily Chart; $42K Next?

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Bitcoin price prints familiar movements today as it hovers around the $39K mark. The world’s leading digital currency discovered dependable support at $37K since late 2022 January. Optimistic analysts believe Bitcoin can gather momentum and climb towards the supply territory, stretching between $45K and $42K.

  • Bitcoin price exhibits substantial gains as the new week begins.
  • The leading crypto hovers within the range between $38K and $42K for one month.
  • Bitcoin might test $42K next as bulls try to cross the plunging trend-line.

Bitcoin Price Searches for a Breakout

Bitcoin price remained pressured around $39K and made efforts to climb higher. Today’s sessions saw Bitcoin opening lower before recovering towards the session’s peak at $39,220. The daily chart shows the price facing many rejections around the descending trend-line, extending from the 10 February peak of $45,850. Furthermore, Bitcoin could not slice past the bearish trend-line in February.

Bitcoin touched its record lows of $32,950.73 in late January before surging 35% to explore the swing highs at $45,850, the area that served as a massive upward barrier for bulls. However, the crypto retreated lower, losing 17% but printed a lower low around $34,324.04, stretching the demand region now around the $37,169.52 mark. That had Bitcoin forming higher lows with receding higher zones.

The technical setup shows Bitcoin is ready to bounce at its current price. That way, it will eye the $40,756.06 area. A significant breakout of the pessimistic trend-line will see Bitcoin exploring the $44K mark. However, average volumes are essential for such a move.

Contrarily, the price breaking beneath the session’s low will mean sentiment shift, and Bitcoin might dip towards the horizontal level of $36K. According to the hourly chart. BTC’s price faces a challenging time to surge past the massive resistance level at $39.2K. However, the crypto saw a sharp recovery from today’s lows with lucrative volumes.

Technical Indicators

Relative Strength Index

The daily RSI tries to break past the average line amid bullish bias.

Moving Average Convergence Divergence

The MACD hovers beneath the midline. However, the indicator tilts in a positive trajectory with upward momentum.


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