Bitcoin Price Recovering To $40k Price Mark - Market Analysis.

Bitcoin Price Recovering To $40k Price Mark - Market Analysis.

2021-06-10 | Big Bob

Bitcoin Price Recovering To $40k Price Mark - Market Analysis.

Bitcoin [BTC] price broke over its initial resistance at $36k after a near 13% rise earlier on Wednesday. The subsequent resistance level is seen at $40k, which capped upside moves over the past fortnight. The short-term trend is improving after a series of lower-cost highs since May. The weekly chart is showing initial signs of downside exhaustion, which could stabilize the month-long corrective phase. Bitcoin returned above the 100-day moving average on the 4-hour chart and is approaching short-term overbought levels. Buyers could remain active towards $40k, which is additionally near the 200-day moving average. The leading cryptocurrency was trading at the price near to $37k at the reporting time. If a pullback occurs, bitcoin should find initial support around $34k. Lower support around $30k was tested multiple times over the past fortnight as buyers return. Bitcoin needs to break away from the short-term consolidation phase to take care of the bull run uptrend. For now, recoveries appear limited given strong overhead resistance. Bitcoin Price Recovering To $40k Price Mark - Market Analysis.

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