Bitcoin price action has been filled with a lot of uncertainty for a while now. Last week, the top was seen trading below its Pivot Point – a reminder that the coin fell deeper into bearish dominance. The largest cryptocurrency by market cap failed to gain stability above $40k during that period.
BTC ended the previous seven-day period almost the same way it started. However, we are currently seeing a change in market pattern as the largest digital asset was seen losing a few percent at the start of a new intraweek session for more than two weeks.
Currently up by more than 8%, the bulls seem to be edging in the struggle for dominance, data from Cryptocurrenciestowatch shows that largest digital asset is trading above $40k as at the time of writing. How long will it last? What caused the most recent surge? The most recent surge is no doubt a result of good market fundamentals.
With the availability of strong fundamentals, bitcoin got the needed demand concentration, hence the current price. How long will the uptrend last? Its a question only time will answer. However, BTC trading above its pivot point could be a good sign that the coin may be gearing up for more rallies.
Additionally, the Moving Average Convergence Divergence is also printing a bullish signal as we notice positive convergence. Following this reading, we may expect the apex coin to enjoy more uptrends. How high could it go?
Here are the Bitcoin key levels to Watch
Support 1: $38,000 Resistance: $44,000
Support 2: $36,000 Resistance: $42,000
With the uptrend in view, we may expect more stability above $40k. More actions above $40,000 may result in the needed push to $42k. A flip of the $42,000 resistance may be a meager step to $44k as BTC has recorded more rejections below that level more than twice in thirty days.
However, a bearish takeover may send BTC as low as $38k. Although not a strong level, we may observe that after it gives out, the buyers have successfully maintained prices close the $38k support for almost five days.
It is highly unlikely that the $36,000 support may come under threat based on the current market trajectory. Nonetheless, strong bearish fundamentals may send prices as low as the highlighted mark.
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!