- Bitcoin price prediction now features a confident bull trend
- BTC/USD price has established new daily highs after touching $39,990 peak
- Bitcoin price has broken the bearish descending triangle pattern.
- Most on-chain metrics and technical indicators paint bullish Bitcoin price prediction
- Bitcoin trades above 50-hour moving average
Bitcoin price prediction is now firmly entrenched in a bullish trend that is pointing towards fresh new highs. The BTC/USD pair is now trading within the range of $40,000 resistance level. At the time of writing, the price is trading at $38,686 and is close to the upper Bollinger Band.
The technical indicators are all lining up nicely to support a bullish momentum. The buyers will have to be active to support a fresh buying spree, building more pressure on the thin bearish community. The bearish descending triangle pattern has now subsided after the sharp upmove towards $39,900 broke most intermittent resistances.
Even though the price is trading strictly within a range for the past few hours, the shrinking Bollinger Bands point towards another imminent breakout higher. On the fundamental front, Elon Musk’s involvement with crypto has led to the recent surge in BTC price towards $39,990. The move quickly phased out, and the price came back within the tight range. However, a new bull trend was painted on the charts, with short traders being squeezed out. The consolidation has played out nicely for those who accumulated at lower levels.
Bitcoin price movement in the last 24 hours – Bull trend consolidates for the moment
The ephemeral uptrend was sharp and took the price from $33,800 to $36,691. However, the current price range is pretty tight, and traders cannot break out with a clear bullish pattern. The long-term overview has now shifted towards bulls as the current range is also sloping upwards. Nonetheless, the confusion prevailing in the Bitcoin price prediction has subsided with the price pointing upwards.
The BTC/USD is on the verge of charting another course towards fresh new all-time highs. The resistance at $35,000 has been broken confidently. The bulls are now consolidating above $37,500 in a bid to close the price near higher resistances. As the price knocks on the $38,700 resistance, the short squeeze has left many bears in shock.
Approximately 700,000 addresses have entered a buying phase ever since the BTC price went above $35,000 resistance. The sharp upswing has put pressure on the bears who had things under control near the $38,000 resistance level until last week. The bearish descending triangle is a thing of the past, with bulls increasing buying momentum, as is evident in the volume figures.
BTC/USD 4-hour chart – Tight range sloping upwards
The 4-hour BTC/USD chart is pointing towards another bullish Bitcoin price prediction. The buyers are optimistic after the Elon Musk saga. The declining moving averages have flattened out and are now on the verge of a positive breakout. The odds of another upside move have increased considerably, especially since higher resistances have been breached.
The RSI remains at 59 with an upward bias. The MACD indicator is sloping upwards after a concrete breakout that supports a bullish uptrend. The volumes are increasing as more buyers step in near the lower levels. Any massive accumulation by BTC whales can tilt the Bitcoin price prediction firmly into the bullish region.
The recent surge in buying pressure will help BTC bulls breakthrough higher resistances, particularly at $38,800 and then at $40,000. Most institutional investors have continued to maintain their BTC holdings with minimal shift in their portfolio. For example, MicroStrategy recently purchased 295 BTC. Thus, the news on the fundamental front remains reasonably positive.
The 200-day simple moving average is now below the price – a fact that may give solace to the bulls. At the same time, the 200-day SMA is now sloping upwards after the recent sharp uptrend.
Bitcoin price prediction conclusion – Bulls need to hurry things up
BTC bulls will have to close the price above the $38,800 level to strengthen the current uptrend. The current Bitcoin price prediction is dependent on the bullish rally to chart fresh new highs. The bulls will have to close the day above $38,800 resistance to hold the driving seat firmly.
Bearish outlook cannot be ignored since the bears are ready to pounce anytime. Any false breakout near $40,000 resistance can sharply increase selling pressure due to profit booking. A pullback towards $34,800 can lead to more buying.
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.