The price of Bitcoin reached over $ 43,000 in the last few hours, overcoming resistance. Experts say crossing the 42,000 resistance could pave the way for more bitcoin jumps.
to the Report Crypto-briefing is a situation in which the price of bitcoin is ready to continue its upward trend. During the recent uptrend, many were skeptical about continuing to decline, but as we have seen, the bitcoin price has not stopped rising. Bybt data show that more than $ 180 million worth of shorts have been liquidated in the past few hours. The price hovering above $ 41,000 seems to have forced the bears to create buying opportunities, which has added to the strength of the jump.
While in the medium term some conditions indicate a downturn in the market, the short-term outlook is clear and upward.
Bitcoin has now changed this level to a support by crossing the 100-day moving average. This means that Bitcoin is currently under enough buying pressure to cross the 200-day moving average at $ 45,000. If you cross this resistance, you will be more likely to climb.
The price of Bitcoin on July 26 (August 4) broke its downward triangle pattern. The breaking of this pattern at that time meant more ascent. The goal of this model is to reach $ 47,600. Reaching the price of Bitcoin above this level requires that the 200-day moving average be eliminated first.
Although the technical data suggest that the 200-day moving average may act as a strong resistance, transaction history shows that we do not have much resistance ahead in terms of supply. Only in the area of $ 42,650 to $ 43.9000 there is a possibility of widespread absorption of buying pressure.
In this area, some 30,000 addresses have already purchased more than 350,000 bitcoins.
It is possible that investors in this area will sell some of their bitcoins to improve their investment situation, and this can slow down the upward trend in bitcoin prices. It can be said that the increase in purchases in this area is the only factor that can help Bitcoin to break the resistance ahead.
It should not be forgotten that $ 40,000 now serves as a support and will most likely play an important role in the upward trend of this digital currency. If traders’ sharp withdrawals cause prices to fall below this demand wall, we may see further price declines.
After $ 40,000, the $ 35,000 and $ 29,500 levels are the most significant bitcoins.