BTC price extends the previous session’s gains amid positive sentiments in the markets. Today the price opened higher relative to the last day’s closing session, thus forming a green candlestick. Further, the bitcoin buyers once again showed respect to the critical $37,000 level on the daily chart. As per CoinMarketCap, the overall market capitalization of the crypto space rose 1.6% to $1.8 trillion.
- BTC price bided well as it found the buyer’s support for the second straight day.
- As per the technical perspective, a short-term upswing in the price is on the cards.
- Bitcoin reclaims the $40,000 mark amid bullish market sentiment.
BTC price set to move higher
On the daily chart, the BTC price dropped 52% from the record highs made in November. Since then BTC has been in a medium-term downward trend. In addition to that, the descending trend line from the record highs acts as a resistance barrier to the bulls. After tagging the all-time-lows in late January at $32,933.33, the BTC price managed to pierce the bearish slopping line with the swing highs of $48,000.
However, the BTC buyers lacked the conviction to carry forward the gains, as the price immediately corrected to $39,000. BTC is further pressurized as it sliced the critical 200-day EMA (Exponential Moving Average) at $44,830.
Now, the price is flirting near the crucial $40,000 mark. A rising volume along with an increase of 6% in the price suggests the bullish undercurrent. A resurgence in buying could push the price to challenge the highs of April 21 around $43,000 followed by the psychological $45,000.
On contrary, a break below the swing lows of $37,700 would neglect any bullish arguments. In that case, the sellers would be enjoying the liquidity at $35,000.
The RSI (Relative Strength Index) produces a bullish divergence since April 12 in accordance with the price.
As of press time, BTC/USD is trading at $40,140 up 1.97% for the day.
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