- Bitcoin secured support floor at $34.3Kk and $34.5K
- The currency trades beyond $38K and 100hr Simple Moving Average.
- The one-hour chart shows a bullish trend-line emerging with support at $37.6K.
- The world’s largest crypto has to overcome $39.5K and $40K for further increases.
Bitcoin discovered support at $34,300 and launched a massive recovery. The crypto climbed past $38K but still struggles to overcome $40K.
Bitcoin Gains Momentum
Bitcoin endured extended plummets beneath the support of $35K. Nevertheless, the crypto discovered support at $34.3K and $34.5K. It printed a low around $34,333 and launched a massive upside move. The recovery saw BTC climbing beyond the resistance of $36.5K and $37K. Moreover, bulls pushed Bitcoin past $38K and 100-hr Simple Moving Average. However, the pair could not surge further after challenging the hurdle around $39.5K.
Bitcoin formed a high at $39,739 and consolidates gains at the moment. It traded under 23.6% Fibonacci retracement of the upside to $39,739 from swing lows of $34,333. BTC changes hands above $38K and 100-hr Simple Moving Average. Also, the 1hr chart shows a crucial bullish trend-line developing with support at $37.6K.
Meanwhile, the nearest resistance sits at $39.2K. BTC’s following resistance stands at $39,500. However, the primary resistance still sits at $40K. A decisive move past this level might see BTC aiming for higher areas. That way, Bitcoin can test the value region around $41,200.
Bitcoin Dips Limited?
Bitcoin has to conquer the resistance level at $39.5K to prevent downward corrections. Failure to that will see the crypto exploring the immediate support floor at $38K. An additional foothold will showcase at $37.8K. Breaking this zone will mean a plunge to $36K.
Bitcoin’s latest fall came amid escalating tensions between Ukraine and Russia. The geopolitical tension saw market players fleeing risk markets. Most assets remain vulnerable to further plunges despite recoveries since yesterday. Cryptocurrencies lack enough volumes to support extended surges.
Bitcoin Technical Indicators
- 1hr MACD gains strength at the bullish territory.
- 1hr RSI stays well beyond the 50-mark.
- Support regions: $38K and $37.8K.
- Crucial resistance zones – $39.2K, $39.5K and $40K.