BTC Price Bounces Back Near $41,000; Time To Enter?
BTC price extends the gains for the second session in a row. The recent price action suggests the bulls attempt to make a comeback. BTC tested the lows seen in March, double support that could propel the price to swing highs.
- BTC price trades higher with decent gains as bounces back from the support level.
- Investors can expect the price to retest the $45,000 level amid sustained buying conditions.
- The momentum oscillator skewed in the favour of bulls.
BTC price as of writing rose by 1.39% to trade at $41,376 as per data. The pioneer cryptocurrency holds the 24-hour trading volume at $26,654,445,743 with a decline of nearly 20% as updated by the CoinMarketCap.
BTC Price looks for an upside reversal
On the daily chart, the ascending trend line, which is extending from the lows of $32,933.33 acts as a support for the bulls. The BTC buyers tested the bullish line twice but failed to hold it for the third time. The price consolidates for a week but bounces back from the critical support at around $38,000.
Now, the price attempted to bounce back from the bearish trend line to face the immediate resistance at the 50-day EMA (Exponential Moving Average) at $42,212.37. Furthermore, an acceptance above the $42,000 mark will open the gates for the psychological $45,000.
On the flip side, if the price failed to sustain the session’s low it would invalidate the bullish outlook for the asset. A spike in the sell order could revisit the $38,000 mark.
A decisive break of the mentioned level would drag the price toward the lows of March 7 at $37,161.88.
RSI: The daily relative strength index pierces above the average line with a positive bias.
MACD: The moving average convergence divergence oscillates into the negative zone but with bullish momentum.
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