Bitcoin(BTC) Price Yet Again Above $40,000! Traders Look Out for the Pivotal Levels Here!

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Whenever the Bitcoin price is speculated to be more or less stagnant, the star crypto makes a larger move proving its strength. A similar instance occurred in the early trading hours when the assert broke above the consolidation to hit $41,700. However, no major possibilities of a pullback or correction are witnessed as of now but yes, the buyers are exhausted a bit. Therefore, the upcoming price trend may be extremely interesting to watch out for as the BTC price despite showing bullish momentum, tend to drop down massively. 

Bitcoin(BTC) Short-Term Price Analysis

• Bitcoin after a notable spike flashes out huge bullish signals as the asset is swinging within a bullish flag pattern

• Therefore, consolidation within the parallel channel for the next couple of hours is pretty much possible that may result in a breakout

• The breakout from these levels may uplift the price towards the upper resistance around $43,000

• Here, the bears are expected to get activated yet again who may try hard to drag the price below $42,000 yet again. 

• Hence the bulls are required to maintain a similar strength along the $43,000 price zone too, in order to maintain a significant uptrend

Bitcoin(BTC) Short-Term Technical Analysis 

• The RSI is extremely bullish as its approaching the overbought levels strongly. No doubt a minor plunge may be expected once these levels are attained. Yet RSI may withstand without falling towards lower levels

• MACD, showcases extreme buying pressure mounting and hence no short-term reversal or pullback may be expected until the asset smashes the near resistance

• ADX, which is a strength indicator, displays huge strength accumulated with the rally which is extremely bullish

• On the other hand, the volatility indicator ATR points out the asset to be less volatile and hence no significant change in trend is expected

• The bulls appear to be extremely strong and the Bull-Bear power is extremely bullish