- Bitcoin price prediction highlights BTC upsurge past the $40,000 mark.
- Bitcoin bulls appear to be focused on seeing the crypto coin find stability above the $40,000.
- To avoid another breakdown towards the $30,000 price region, Bitcoin has to settle above $40,000.
- If Bitcoin breaks out past its descending channel, a price surge towards $50,000 might take place.
Cryptocurrency traders are still coming into terms with the May 19 market-wide crash that saw the number one cryptocurrency plunge to unexpected levels towards the $30,000 price region.
Bitcoin Price Prediction: General price overview
Autopsy analysis now reveals that the sudden price decline triggered a mad selling spree among investors running to save themselves from further losses. A record 10,500 Bitcoin tokens were liquidated across major crypto exchange platforms due to the cascading selling spree experienced during the latest price downturn.
At the time of writing, Bitcoin is exchanging hands at around $42,000. According to technical analysis, Bitcoin bulls appear wobbly and lacking the stamina to extend Bitcoin’s gains towards the $50,000. Such a price movement would invalidate most of the losses experienced in the latest market crash and eliminate all bearish narratives. The latest price upsurge to $42,000 marks a 24 percent recovery from Bitcoin’s $32,000 support level. At present, the $32,000 price region is emerging as a significant support level, while the current $42,000 price region is emerging as a formidable resistance level. Meanwhile, it appears the bulls are focused on seeing the flagship crypto-asset bypass the upper boundary of the descending parallel channel. With the $40,000 price region also emerging as a formidable support line for Bitcoin, bulls can now focus on pushing the crypto past the $43,000 and $47,000 resistance barriers.
Bitcoin price movement in the past 24-hours
The better part of the week has seen the bears having a field day with most cryptocurrencies, especially Bitcoin. However, Bitcoin’s 24-hour price movement has seen the king crypto-asset recovering above the $40,000 price region, proving Bitcoin is back in the game. The price movement above the $40,000 mark shows us that traders anticipate higher price movements in the near term.
On looking at the Moving Average Convergence Divergence (MACD) indicator, it is evident that Bitcoin is currently in the bull’s region. The recent price surge has seen Bitcoin’s MACD line slice above the Signal line, validating the bullish narrative. It is worth noting that such a move indicates investors should either consider increasing their holdings or consider abstaining from selling. At present, the route with the least barriers for Bitcoin is upwards, at least for the near term.
Bitcoin 4-hour chart
Bitcoin’s 4-hour chart shows the crypto coin is up for several more bullish movements. First and foremost, the candlestick patterns forming on Bitcoin’s price chart indicate a bullish outlook. At present, there is a bullish candlestick and a bullish wedge forming indicating the short term is bullish. Additionally, the MACD indicator also has flashed a bullish reversal signal.
However, the flagship crypto coin is yet out of the woods, as it first has to settle above the descending resistance barrier that formed during the May 11 price dip. For Bitcoin to be declared fully bullish, it must first bypass this area to embark on regaining lost ground in the near term.
At present, Bitcoin’s Relative Strength Index is hovering above the 40 mark, showcasing buying pressure is not strong enough for a full-blown bull run. However, leveling above the 40 mark shows the crypto is getting significant support to keep it afloat.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.