BTC Price Bounces Back Near $41,000; Time To Enter?

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BTC price extends the gains for the second session in a row. The recent price action suggests the bulls attempt to make a comeback. BTC tested the lows seen in March, double support that could propel the price to swing highs.

  • BTC price trades higher with decent gains as bounces back from the support level.
  • Investors can expect the price to retest the $45,000 level amid sustained buying conditions.
  • The momentum oscillator skewed in the favour of bulls.

BTC price as of writing rose by 1.39% to trade at $41,376 as per data. The pioneer cryptocurrency holds the 24-hour trading volume at $26,654,445,743 with a decline of nearly 20% as updated by the CoinMarketCap.

BTC Price looks for an upside reversal

Source: Trading view

On the daily chart, the ascending trend line, which is extending from the lows of $32,933.33 acts as a support for the bulls. The BTC buyers tested the bullish line twice but failed to hold it for the third time. The price consolidates for a week but bounces back from the critical support at around $38,000.

Now, the price attempted to bounce back from the bearish trend line to face the immediate resistance at the 50-day EMA (Exponential Moving Average) at $42,212.37. Furthermore, an acceptance above the $42,000 mark will open the gates for the psychological $45,000.

On the flip side, if the price failed to sustain the session’s low it would invalidate the bullish outlook for the asset. A spike in the sell order could revisit the $38,000 mark.

A decisive break of the mentioned level would drag the price toward the lows of March 7 at $37,161.88.

Technical indicators:

RSI: The daily relative strength index pierces above the average line with a positive bias.

MACD: The moving average convergence divergence oscillates into the negative zone but with bullish momentum.

 

 

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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