Bitcoin Price Analysis: BTC ready for a sharp rise?

Technical Indicators:

Support Level: $3940

Resistance Level: $4000

Key Points:

  • Bitcoin price is getting stronger with the current support at $3940.
  • BTC will probably break the $4000 resistance soon to move upwards.
  • A bearish pattern is being formed with resistance around $3980 on the hourly chart.
  • Bitcoin price could spike upwards after breaking the $4000 resistance soon.

Bitcoin Price Analysis:

Summary: Bitcoin price is getting stronger in order to break through the strong resistance around $4000. BTC will most probably break through this resistance and move towards $4100 if the $3940 support is maintained.

Bitcoin was able to correct upwards after falling down to around $3870. Bulls picked up the pace and moved the price above $3940 resistance level. However, the resistance around $4000 was strong enough to stop further gains. Bitcoin went up to $3999 before correcting downwards. The support formed around $3940 which was earlier the resistance proved strong enough to stop the price from falling down further.

Bitcoin price is currently trading upwards in a position to break through the resistance between $3980 and $4000. However, a bearish pattern is being formed around this resistance on the hourly chart. The 100 hourly SMA also lies within this range.

If BTC price is able to break through this resistance and the 100 hourly SMA, there are chances of bitcoin rising to up to $4050 and $4100 resistance level in the short term. The major support for bitcoin is currently at $3940.

BTC/USD Price Chart 25th March

The chart shows that bitcoin price is currently getting stronger with support around $3940. If BTC is able to remain above this support, it might soon break through the $4000 resistance. There is also a small resistance around $4020 after which the price might spike up to $4050 and $4100 resistance levels. However, if the $3940 support is broken, bitcoin might fall down towards $3900 and $3880 support levels in the short term.

Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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