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BTC analysis – price stagnates at $ 41,500, will the rising trend continue?

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BTC has stopped at resistance $ 41,500. However, there was no trend reversal and the price is stagnating, which means that growth can continue. The price has not yet exceeded the previous long-term maximum, so we do not know whether this is the beginning of longer-term growth or sideway structure.

Stopping the price at the maximum after a quick one-day 12% growth indicates that bulls want to continue buzing. RSI, meanwhile, has begun to decline and there is room for another bull leg. The nearest key resistance is already in the zone $ 43,500 where the previous long-term maximum.

Bitcoin stands for resistanceSource: TradingView

BTC at resistance

On the other hand, it is necessary to take into account the opposite scenario, if the price starts to fall from the market value. In this case, we will monitor support closest to around $ 38,500. It is also possible to test the previous resistance of the flag as new support.

If the price manages to exceed $ 43,500, the trend will definitely change. Of course, growth will be accompanied by corrections. And it is quite possible that we will not exceed this level on the first try, because despite a slight decrease in RSI, the value is still relatively high in the phase overbought.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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