Bitcoin price analysis – BTC eyes $40,000 as bulls push forward relentlessly
3 min readTL;DR
- Bitcoin price analysis enters the euphoric phase as price crosses $35,000
- BTC whales are buying relentlessly and have pushed the price above key resistances
- Price is pushing past upper Bollinger Band with heavy volumes
- Growing political uncertainty in US fuelling buying rally
Bitcoin price analysis is getting trickier as the price breaks past every resistance to touch fresh new all-time highs. The euphoria is powered by multiple factors such as technical indicators, BTC whale buying, geopolitical uncertainties, and more. At the time of writing, Bitcoin price has breached the $36,000 level to touch $36,355 high
As the pair eyes fresh all-time highs every day, the Bitcoin price analysis is now stretching its boundaries to include new targets ever. Right now, BTC looks set to achieve the $40,000 target. The remarkable recovery from the minor correction has been swift, where the downside was capped at $28,000. The king of cryptocurrencies is in a strong position to weather any storm – political or fundamental.
Bitcoin price movement in the last 24 hours – Swift recovery continues
After testing a low of $27,700 during the recent correction on the hourly charts, the Bitcoin price analysis is once again in the positive territory. In the last 24 hours, the price has gained more than $1,000 in value and surged to reach the $36,000 region. This is a quick jump from the $27,700 lows attributed to high overbought technical indicators.
The overhead pressure is now beginning to show as the pair consolidates above $35,000 high. The price is hovering over the Bollinger Bands’ upper end and trying to break past the upper channel. Still, the price is very much in line with the ascending price channel.
The on-chain metrics are painting a highly bullish picture. The intense buying action is coming from BTC whales and institutional investors. Due to heavy purchases, there is a strong support wall emerging near the $30,000 support area.
BTC/USD 4-hour chart – High volume buying adds to the bull run
The highly bullish Bitcoin price analysis is now attracting further buying as ‘Fear-of-Missing-Out’ gets more robust. More Bitcoin enthusiasts are emerging every hour, thereby fuelling the price further into stratospheric regions. From traditional investors to retail traders, everyone is trying to get onto the BTC bandwagon.
Technical indicators are now once again approaching overbought territory. BTC whale addresses are on the rise as large investors add more BTC to their portfolio. Buying pressure is increasing and is evident from the high volumes on the hourly charts. Technical studies further chart a rally towards the $40,000 level.
The RSI is at the 70 mark and just about to enter the overbought region on the hourly charts. The MACD is firmly in a positive region, thereby helping the bulls continue their march.
Bitcoin price analysis conclusion – There’s no stopping the bulls
The horse has now bolted, and there is no stopping this current bull rally. Bitcoin price analysis has never been this positive where investors are enjoying good returns over a five-to-six-month period. Above $34,000, the pair will likely find little to no resistance before hitting $38,000 and then continue towards $40,000. If the pair closes above $35,000, the bulls will retain their monopoly tomorrow as well.
The bears won’t have much chance unless they can increase selling pressure at upper resistances. At $35,000, the price will be guided by volumes, and fading volumes can be an opportunity for the bears. Even if a consolidation begins on the hourly charts, the sideways trading will keep the price above $34,000 and well within reach of the 50-day simple moving average. The 100-day simple moving average is well below the ascending price channel.
Bears will have to close the price under $30,000 for successive days to dent the current uptrend. The 50-day SMA lies at $30,000 and will serve as a critical support level in the short term. As of now, the bulls are fully commanding the BTC price action.
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.
