Bitcoin Price Analysis

Bitcoin price analysis; Where will the uptrend start?

Bitcoin prices have been fluctuating steadily over the past few days. Meanwhile, Bitcoin support is at $ 33,000 and resistance is at $ 40,000.

to the the report Bitcoin Desk, the price of Bitcoin has lost 5% of its value in the last 7 days and is currently trading in the range of $ 37,000. According to analysts, if we see a jump in the current price range, we can expect growth of up to $ 45,000. It should not be forgotten that resistance to this path of growth is extremely high. At present, $ 40,000 is a major barrier to price growth and can limit purchasing power in the short term.

At one-hour timeframe, Bitcoin is approaching its resistance at the 100-day moving average at $ 38,337. The past downtrend, which began in May, is still influential in the market. However, sales pressure has eased somewhat over the past week.

In the short and medium term, the relative strength index (RSI) is near the neutral range, indicating price stabilization after a volatile month.

Bitcoin is still below the 100-day and 200-day moving averages, which weakens the long-term uptrend. On the other hand, it means that in the short term we will see more restrictions on climbing.


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