By Franklin Smith
- BTC started new surges after keeping the $39,250 mark away.
- The bellwether crypto trades beyond $41K and 100hour SMA.
- BTC’s 1hr chart shows a break past a connecting bearish trend-line with $40K resistance.
- Bitcoin might gain extended upside moves if it overcomes the resistance of $41.5K.
Bitcoin corrects losses while trading beyond the $41K mark. The world’s largest crypto can see an extended upside past $41,350, then $41.5K.
Bitcoin Targets Upside Move
Bitcoin sustained its price moves well beyond the support floor of $39,250. That had the world’s largest crypto forming a base to launch an upside beyond the resistance at $40K. Bulls gained momentum to push BTC beyond $40.5K. Bitcoin crypto climbed past the 23.6% Fibonacci retracement of the crucial decline to $39,240 lows from $43,415. The leading crypto broke beyond a bearish line with $40K, according to the 1hr chart.
The upward thrust had BTC breaking beyond the resistance of $41K to steady above the 100hr SMA. For now, the closest resistance sits around $41,350. Also, the 50% Fibonacci retracement zone of the $43,415 – $39,240 move stands near $41,350. Bitcoin’s upside moves can encounter the primary resistance at $41.5K. However, the cryptocurrency can accelerate higher if bulls overcome the obstacles at $41,350 and $41.5K.
Such developments would see the bellwether crypto surging towards the value area of $41.8K. Further buying can push BTC to $42.5K in the short term. That would mean an improved mood within the crypto market, triggering uptrends across the capital markets.
Another Bitcoin Drop?
BTC’s failure to overpower the resistance level at $41.5K can translate to downward movements. The crypto would discover the closest support floor stands at $41K. More drops would take Bitcoin towards $40,550. Breaching this value area may mean accelerated falls. That can mean BTC exploring $40K before dipping to the $39,250 mark.
For now, market players can anticipate gradual upticks as the marketplace flashes slight bullish moves.
Technical indicators
- Hourly Moving Average Convergence Divergence gains pace into the bullish area.
- Hourly Relative Strength index sways well beyond 50.
- Crucial support zones – $41K and $40,550.
- Critical resistance zones – $41,350, $41.5K, and $41.8K