Bitcoin price is higher on Wednesday with good trading volumes. BTC opened lower but quickly recovered to the highs of $41,717.67. Bitcoin price broke above the upper $41,000 resistance, convincing traders of further upside potential.
Bitcoin price traders above $40k on Wednesday. Expect more gains if the price is close to $42K. Momentum oscillators tilt in favor of Taurus in the short term.
As of publication, BTC/USD is trading at $40,614.84, up 2.62% for the day. The world’s largest and most well-known cryptocurrency by market capitalization has a 24-hour trading volume at $35,483,380,192 with gains of 45%.
An increase in volume along with an increase in price is a bullish sign.
Bitcoin price seeks an upward reversal
Source: Trade View
On the daily chart, Bitcoin price surged above $40,000 after testing the lows of $38,850. It is currently hovering below the 50-day EMA (exponential moving average) at $40,706.20.
A resurgence in the buy order will push the price upward to overcome further upside hurdles. The first target is placed at the horizontal resistance level at $42,586.73.
An extended buy pressure will put $45,426.45 into play. A decisive close above the said level will break the USD 37K and USD 45K short-term trading range.
On the other hand, if the price cannot sustain the session low, it may undo the current price action. If you go down, the first target is found at $37,500. A daily close below the stated support level will negate the bearish outlook for the pair.
Technical indicators:
RSI: The daily Relative Strength Index is trading above the average line. Currently it stands at 51 with a bullish bias.
MACD: The moving average convergence divergence is holding below the centerline. Furthermore, it trades with a positive bias.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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This post Bitcoin Price Prediction: Rises Above $40K After Days Of Consolidation; Is $45K in sight?
was published first on https://coingape.com/markets/bitcoin-price-prediction-surges-above-40k-after-days-of-consolidation-is-44k-in-sight/
