Every time there is speculation that the price of Bitcoin is more or less stagnant, the flagship cryptocurrency makes a bigger move that shows its strength. A similar case occurred in the early hours of trading when the affirmation broke above the consolidation to reach $41,700. However, no big chance of a pullback or correction is in sight as of now, but yes, the buyers are a bit exhausted. Therefore, the upcoming price trend can be extremely interesting to watch as the price of BTC, despite showing bullish momentum, tends to drop massively.
Bitcoin (BTC) short-term price analysis
Bitcoin, after a notable spike, gives off huge bullish signals as the asset swings within a bullish flag pattern. Therefore, it is very possible that the consolidation within the parallel channel for the next couple of hours will result in a breakout. Breaking out of these levels can push the price higher. towards overhead resistance around $43,000 Here, the bears are expected to get active once again and may try to drag the price below $42,000 once again. Therefore, the bulls must also maintain similar strength throughout the $43,000 price zone, in order to maintain a significant uptrend.
Bitcoin (BTC) short-term technical analysis
IndicatorValueActionRelative Strength Index (RSI)78.33BuyMACD907.2BuyAverage Directional Index (ADX)63.5BuyAverage True Range (ATR)447.3Bull Power-Less Volatile Bear2443.92BuyThe RSI is extremely bullish as it is strongly approaching overbought levels. A minor drop can certainly be expected once these levels are reached. However, the RSI can resist without falling towards lower MACD levels, it shows an increase in extreme buying pressure and therefore a short-term reversal or pullback cannot be expected until the asset breaks the nearby ADX resistance. , which is an indicator of strength, shows great strength built up with the rally being extremely bullish. On the other hand, the ATR volatility indicator signals that the asset is less volatile and therefore no significant change in price is expected. trend. The bulls appear to be extremely strong and the Bull-Bear power is extremely bullish.
This post Bitcoin (BTC) Price Once Again Above $40,000! Traders keep an eye on the fundamental levels here!
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