Bitcoin price closed the weekend session in the green, trading above $34,000. The trading last week was mainly drab and characterized by a considerable dip from weekly highs above $35,000 to lows under $33,000.
As the new week takes off, the bellwether cryptocurrency is back to trading above $34,000. Here, the 50 Simple Moving Average (SMA) and the 100 SMA provide the much-needed support.
A four-hour close above $34,000 will validate the next move, perhaps the crucial hurdle at $35,000 as shown by the 200 SMA. As Bitcoin takes down consecutive barriers, investors gain confidence in the uptrend. Hence. The odds for Bitcoin trading above $40,000 continue to soar.
The Moving Average Convergence Divergence (MACD) indicator is a technical tool used to track the trend of an asset and calculate its momentum. A consistent rise from the negative territory to the area above the mean line (0.00) adds credence to the bullish outlook.
Moreover, the MACD allows sends out buy or sell signals, allowing investors to back the downtrend or the uptrend. At the time of writing, Bitcoin’s least resistance path is upward. This optimistic outlook has been reinforced by the 12-day Exponential Moving Average (EMA) crossing above the 26-day EMA).
On the upside, a break above $35,000 (the 200 SMA) will emphasize the growing bullish grip on the price.
It is worth mentioning that the Relative Strength Index (RSI) has lifted above the midline and heading toward the overbought region as a show of bulls flexing their muscles for renewed action this week. Realize that the RSI follows the trend of an asset and shows how strong it is. A strong bullish trend like Bitcoin’s ongoing uptick tends to call more buyers into the market, thereby intensifying the tailwind for gains toward $40,000.
Spot rate: $34,420
Trend: Bullish
Volatility: Growing
Support: $34,000 and $32,000
Resistance: $35,000 and $36,000
The US stock market and global crypto market are facing renewed selling pressure as Wall…
Victoria, Seychelles, May 11, 2026 — Bitget, the world’s largest Universal Exchange (UEX), has added…
Fed rate cut odds plunge as the US Senate advances President Trump’s nominee Kevin Warsh…
Asset manager Grayscale Investments has amended its S-1 filing for the proposed Hyperliquid ETF. It…
The U.S. Senate Banking Committee released the full legislative text draft of the crypto market…
Sharplink, an Ethereum treasury company, announced its Q1 earnings results for FY26 on Monday, May…
