Bulls Pushed Bitcoin Price, Why Recovery Could Face Hurdles?

 2022-02-23 15:58:48

Bitcoin price found support near the $36,350 after a sharp decline. BTC formed a base and started a recovery wave above the $37,000 level. The price was able to surpass the $37,500 resistance level.

 

The bulls pushed the price above the $38,000 level several hours ago and showed a continuous upward trend. However, the price is facing a resistance near the $39,200 level.

 

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Bitcoin is now staying above the $38,500 and the 100 hourly simple moving average. On the upside, an initial resistance for the bulls is near near $39,200 level on the hourly chart of the BTC/USDT pair. A clear move above the trend line resistance could send the price to $40,000.

 

If bitcoin fails to continue higher above the $39,200 resistance zone, it could continue to move down. The next major support is seen near the $38,000 level. If there is a downside break below the $38,000 support zone, the price might gain bearish momentum for a move to $37,250. Any more losses could lead the price to $36,000.

 

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is above the 50 level.

Major Support Levels – $38,000, followed by $37,250.

Major Resistance Levels – $39,200 and $40,000.

 

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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