Bitcoin Still Holds Strong Resistance Over $40k Price Mark - Analysis.

Bitcoin Still Holds Strong Resistance Over $40k Price Mark - Analysis.

2021-06-03 | Mike Hallen

Bitcoin Still Holds Strong Resistance Over $40k Price Mark - Analysis.

The price of the leading cryptocurrency, Bitcoin [BTC], is presently holding its short-term support above $35k and will face a strong resistance near $42k. Prices still consolidate, suggesting selling pressure is weakening. Typically, volatility declines during consolidation phases, encouraging buyers to return, albeit briefly. Bitcoin is above the 100-period moving average on both the hourly as well as 4-hour chart along with the corrective phase seem to be stabilizing. On the daily chart, the RSI [Relative Strength Index] is rising from oversold levels which could keep buyers active towards $42k resistance. A decisive breakout above resistance would yield an upside target of around $45k. At the reporting time, Bitcoin is presently trading at a price of around $38,600 USD and is about 1.12% over the past 24 hours. Bitcoin Still Holds Strong Resistance Over $40k Price Mark - Analysis.

Leave a comment

Your email address will not be published. Required fields are marked *

Top 7 cryptocurrency overview



Best trading tool for cryptocurrency

2022 Top cryptocurrency Price Prediction List