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BTC Price Analysis: Bitcoin ready to spike over $4000?

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Technical Indicators:

Support Level: $3,800

Resistance Level: 3,900

  • BTC price spiked over the $3,850 resistance level, yet it was unable to pick up the pace.
  • Bitcoin is trading in range beneath $3,900 resistance level.
  • BTC price could fall towards the $3,750 support level before bouncing back towards $3,850.

BTC price is currently trading in a range underneath the $3900 resistance level. Bitcoin could fall lower, yet it is well supported over the $3,750 level.

 

BTC Price Analysis

We recently saw a major resistance formed around $3,850 level in BTC price. Bitcoin tried a lot of times to break the $3,850 resistance, yet it was unable to do so. There was even a bearish response underneath $3,700, yet the price immediately recovered after falling to $3,650. BTC price spiked back and settled over the $3,800 support level. There was a sharp upward move over the $3,850 resistance, however, the buying pressure was not enough to pick up the pace.

The $3,770 and $3,760 levels went about as good supports for BTC price. Right now, Bitcoin price is trading close to the $3,800 support and the 100 hourly SMA.

Bitcoin stays well supported around the $3,750 level. On the upside, the first resistance is at $3,850, followed by the $3,900. If bitcoin is able to break above $3,900, it could move towards $4000 and $4100 in short term.

BTCUSD Price Chart
BTCUSD Price Chart

The chart shows that BTC price is currently trading in a short-range underneath the $3,850 resistance. Bitcoin could start a bullish run soon if the buyers are able to break the major resistance around $3900. However, a break underneath $3,740 may drive the price towards the $3,650 support.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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