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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin (BTC) Price Upswing Could Gather Momentum Above $4K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin price stayed above the $3,850 support and rebounded above $3,940 against the US Dollar.
  • The price surged higher and settled above the $3,900 and $3,940 resistance levels.
  • This week’s followed crucial bearish trend line was cleared with resistance at $3,945 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now back in a positive zone and it could extend gains above the $3,980 and $4,000 resistances.

Bitcoin price made a sharp U-turn from new weekly lows against the US Dollar. BTC is back above the $3,940 pivot level and it could accelerate gains above the $4,000 barrier in the near term.

Bitcoin Price Analysis

Yesterday, we saw an extended decline in bitcoin price below the $3,900 support against the US Dollar. The BTC/USD pair traded to a new weekly low at $3,850. Later, the pair formed a decent support base near the $3,880 level. As a result, there was a strong upswing and the price climbed above the $3,900 resistance level. More importantly, the price cleared the key resistances near $3,920 and $3,940 (the previous supports).

Besides, bulls cleared this week’s followed crucial bearish trend line with resistance at $3,945 on the hourly chart of the BTC/USD pair. The pair settled above the $3,940 resistance and the 100 hourly simple moving average. It even spiked above the $3,980 resistance and a new intraday high was formed at $3,988. The price is currently consolidating below $3,988 and it seems like there could be more gains. On the downside, an initial support is near $3,955 and the 23.6% Fib retracement level of the recent wave from the $3,856 low to $3,988 high.

However, the main support is near the $3,940 and $3,920 levels. The 50% Fib retracement level of the recent wave from the $3,856 low to $3,988 high is also near the $3,920 level. On the upside, the price is likely to accelerate above the $4,000 resistance in the near term. The next stop for buyers could be near $4,020 or $4,040.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price pumped nicely above the $3,940 pivot level and moved into a positive zone. The current price action is positive and suggests more gains above $4,000 and $4,020. There are even chances of a fresh high above the $4,040 resistance. On the other hand, if there is a downside correction, buyers are likely to protect the $3,940 and $3,920 support levels.

Technical indicators:

Hourly MACD – The MACD is gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD jumped higher sharply and it is currently in the overbought zone.

Major Support Levels – $3,940 followed by $3,920.

Major Resistance Levels – $4,000, $4,020 and $4,040.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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