Bitcoin Price Analysis: BTC Price Consolidates Below $40,000; A 10% Bounce Is Awaited
BTC price took a breather following the previous day’s mammoth gains. The price hovers in a very tight range with no meaningful price action. The bitcoin price rose sharply amid a retreat in the U.S dollar and higher stock indices. In addition, the bitcoin buyers are struggling to hold the upside levels.
- BTC price retreats after locking handsome gains in the previous session.
- The Fear and Greed Index of the largest cryptocurrency rose 6 points from 21 to 27 on Thursday.
- We expect an upside run toward $44,000 as the price contains a crucial support zone.
BTC price consolidates
On the daily chart, the BTC price slipped below $40,000 as tested in the previous session. However, the gains were not sustainable and the price retreated lower. Further, the descending trend line from the highs of $48,124.94 acted as a strong upside hurdle for the BTC buyers. Another resistance filter is placed around the 200-day EMA (Exponential Moving Average) at $43,612.74.
Currently, the price oscillates near a make or break zone. Now, the reason to have a bullish view is the bottoming formation at around $37,000.
To make a progressive move the Bitcoin must manage to attract buyers above $40,000 on a daily basis as this would indicate the presence of significant bullish momentum. A sustained buying would push the price to meet the psychological $44,000 once the moving average is taken.
Conversely, a shift in the bearish sentiment amid a spike in sell order would invalidate the bullish outlook on the asset. A break below the previous session low would trigger a fresh row of selling.
As of press time, BTC/USD reads at $39,457.90 down 0.53% for the day. The largest cryptocurrency holds the 24-hour trading volume at $35,046,532,955 with 13% gains as update by CoinMarketCap. In addition to that, Bitcoin’s dominance index fell 0.3% to 41.9%.
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