Bitcoin (BTC) price treads water on the first trading day of the week. BTC moves in a very tight range of $37,577 and $38,550. Investors look out for fresh trigger to position next move in the largest cryptocurrency by the market cap. However, as per the previous price action bargin hunting could be next for Bitcoin traders.
- Bitcoin (BTC) price trades in a familiar trading range on Monday.
- The U.S Dollar Index stands strong above 98.0 exerting pressure on BTC.
- Expect an ascent of 18% from key support of $38k.
A strong foothold above $38K could set new demand zone extending from $32,900 and $34,000 since January 24. Still, BTC is in a long downtrend on daily frame but traders could find some attractive discount buying opportunity near the key support levels.
If the price successfully holds above the $38,000 level combined with a green candle next day then is it a perfect mix to meet first upside hurdle at Friday’s high of $42,524.87.
Next, bulls will make an attempt to retest the critical 200-day EMA (Exponential Moving Average) at $45,481.0 that acts as an upside hurdle for Bitcoin price.
RSI: The daily Relative Strength Index (RSI) reads at 41 slicing the average line with a bearish bias.
MACD: The Moving Average Convergence (MACD) hovers below the midline indicates a downside outlook for the asset.
VO: The Volume oscillator approaches toward the oversold zone suggest bears are exhausting at the current levels.
In conclusion, traders can accumulate BTC near the mentioned demand zone as Bitcoin price could see 18% ascent.
On the flip side, a break of the session’s low will expose the risk of retesting the horizontal support level of $36,000.
As of publication time, BTC/USD is exchanging hands at $38,150, down 0.67% for the day.
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- Just-In: PlanB Reveals Bitcoin S2F Prediction For 2024 Halving
- Heavy Outflows Force Investors to Seek Refuge In Multi-crypto Investment Products
- PlanB: When Will Bitcoin (BTC) Price Cross $500K?
- Case Study: P2E Gaming Projects Tackling The Barriers To Web3 Mass Adoption
- Just-In: Indian Central Bank Head Bashes Crypto After Latest Crash
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?