Bitcoin Price Breaks Key Technical Hurdle, Eyes Further Upside

The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
This summary text is fully AI-generated and may therefore contain errors or be incomplete.

Bitcoin (BTC/USD) is showing signs of further upside potential after reaching a new high dating back to May 2022. The recent surge in buying pressure has led to the activation of stops above the 38066.89 area, with the next significant technical levels to watch being 38602.40 and 38832.71. These levels are associated with previous price objectives and historical selling pressure around the all-time high of 69000. Traders are also keeping an eye on other key levels, including 40503, 41225, and 42230, which have seen historical selling pressure.In addition, stops have been triggered above the 35912.28 and 37362.84 areas, which are important technical levels related to the all-time high of 69000 and historical buying pressure. Following the recent appreciation, areas of technical support and potential buying pressure can be found at 33499, 32873, 32561, 31351, and 30837.Technical indicators suggest a bullish outlook, with the 50-bar MA (4-hourly) indicating above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The 50-bar MA (hourly) is also indicating bullishness above the 100-bar MA (hourly) and the 200-bar MA (hourly).In terms of price activity, the 50-bar MA (4-hourly) is currently at 37022.89, while the 50-bar MA (hourly) is at 37214.61. Technical support is expected around 31238.97, 30028.62, and 28818.26, with stops anticipated below these levels. On the other hand, technical resistance is expected around 38584.16, 39596.82, and 42721.31, with stops expected above.Analyzing the charts, the SlowK indicator is bullish above SlowD on the 4-hourly chart, while the MACD is also bullish above the MACDAverage. The same bullish sentiment is observed on the 60-minute chart, with SlowK above SlowD and MACD above MACDAverage.It’s important to note that this technical analysis is provided by a third party and should be used for informational purposes only. It does not reflect the views of Crypto Daily and should not be considered as legal, tax, investment, or financial advice.

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