Bitcoin Price Prediction: Defends $37k Support Level; Keep Eyes On $42K Next
Bitcoin price is making familiar moves on Monday as it is hovering near $39,000. BTC found reliable support of around $37,000 since late January. Sellers collect liquidity and bounce back toward the upper trading zone placed at the supply zone extending from $45,000 and $42,000.
- Bitcoin price trades with significant gains as the fresh trading week begins.
- Moves in a familiar trading range of $37k and $42k for a month.
- BTC could test $42,000 next as bulls attempt to cross the descending trendline.
Bitcoin price looks for a breakout
Bitcoin price remains pressured near $39,000 and is making effort to move higher. In today’s session, BTC opened lower but quickly recovered to test sessions’ high at $39,220.0. On the daily chart, the price face multiple rejections near the descending trendline, which is extending from the highs of $45,850 made on February 10. Further, the Bitcoin price failed to slice above the bearish trendline in February.
Bitcoin price hit record lows in late January at $32,950.72 and surged 35% to the swing highs of $45,850.0, the level which acted as a strong upside barrier for the bulls. BTC retreated further by 17% but made a higher low at $24,324.05, extending the demand zone now at $37,169.52. Thus making a formation of higher lows with receding higher levels.
As per the technical formation, a bounce is expected at the current price level. The immediate first target is placed at 50-day EMA (Exponential Moving Average) at $40,756.05.
A decisive breakout of the bearish trend line will bring $44,000 in play with the condition of above an average volumes.
On the contrary, if the price breaks below the session’s low as a shift in bullish sentiment then Bitcoin price could revisit the horizontal $36,000 level.
On the 1-hour chart frame, Bitcoin price is facing a tough time to pierce above the stiff resistance zone placed at $39,200. But it recovered sharply from the session’s low with good volumes.
Technical indicators:
RSI: The daily relative strength index attempts to break above the average line with a bullish bias.
MACD: The Moving Average Convergence Divergence hovers below the midline. But the indicator tilt in a positive direction with upside momentum
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