- Bitcoin price breaks out amid a tight squeeze as bulls aim for recovery above $40,000.
Vivid buy signals splashed within BTC’s short-time frame could sustain the uptrend.
Bitcoin price soared by nearly 20% following a massive bullish comeback toward the end of the weekend and the start of the new week’s trading. The bellwether cryptocurrency had already confirmed support above $32,000, allowing bulls to focus on levels heading to $40,000
Several resistance levels were pushed into the rearview, including the 50 Simple Moving Average (SMA), the 100 SMA, and $36,000. Bitcoin nearly brushed shoulders with $40,000 but is trading at $38,276 at the time of writing.
Is Bitcoin Price Uptrend Sustainable?
Several technical indicators have vivid buy signals in the four-hour timeframe, hinting at the breakout gaining traction. The Moving Average Convergence Divergence (MACD) has confirmed the bullish outlook following a recently confirmed buy signal. This call to sell manifested after the 12-day exponential moving average crossed above the 26-day EMA.
As the MACD settles above the mean line, the odds for a sustained uptrend significantly increased. The same massive bullish outlook is supported by the Relative Strength Index (RSI) movement from around the oversold area to the overbought region.
A sharp upward move in this technical tool highlights the growing bullish grip. Hence, Bitcoin’s least resistance path remains upward, at least for now.
A confirmed break above $39,000 validates the upswing as bulls gaze at trading beyond $40,000 within the upcoming sessions. Note that gains above $40,000 could also trigger another massive rally. Some resistance is expected at the 200 SMA on the four-hour chart, while $50,000 may be the next rendezvous for the bulls.
Bitcoin Intraday Levels
Spot rate: $38,434
Trend: Bullish
Volatility: High
Support: $38,000 and $35,000
Resistance: $39,000 and the 200 SMA
