The cryptocurrency market has been on a roller coaster ride since the beginning of 2018. Early February 2018 saw Bitcoin (BTC) at its lowest point since the beginning of 2017 at $3,000. In March, the currency rallied to $6,000, but lost a little bit of steam in April. Bitcoin (BTC) then plunged to its lowest level in two years in the middle of May, and then the market rebounded.
Bitcoin price analysis: BTC at $36k rekindles hopes of a trend reversal
For the last few weeks the Bitcoin price has been stuck in neutral as the the market continues to consolidate. The move out of the $30’s has been timid at best, and it was only a matter of time before the bears showed up to start their killing. With all the recent drama surrounding Binance and their exchange verification process, the bearish sentiment is at its peak. This may be the trigger that brings us back to the $36,000s.. Read more about bitcoin price analysis and let us know what you think. Summary of the situation
- Bitcoin price analysis is turning bullish on the short-term charts as the price reaches $36,100.
- BTC/USD is consolidating above the $35,000 level and trying to climb up to the $40,000 resistance level.
- Previous failures to break the $35,000 mark have put a lot of pressure on the BTC bulls.
After consecutive green candles on the charts, the current relief rally is making a breakout near the $36,000 level. Bitcoin price analysis shows that the rising price channel is meeting resistance near the $36,200 area, where a 0.786 Fibonacci retracement from the January highs is holding the pair back.
The pressure at the end of the month also provides some resistance for this pair in the future. The downtrend is calling the bears, who are poised to begin a new sales cycle at $36,800. According to bitcoin’s price analysis, the uptrend line could end at resistance at $38k.
The RSI remains at 62 on the hourly chart, which is favorable for buyers. The other technical indicators show neutral values. The MACD shows a positive cross, but only on the hourly chart. The daily charts have not yet responded to the higher price levels.
Bitcoin Price Analysis Number: Bulls get younger for $40,000
Now that the price has broken through the important barrier of $35,000 and is about to close above that resistance, the cryptosphere is hoping for a rebound in BTC. The $35,700 level also represents the 144-day exponential moving average, which will be a temptation for sellers to resume the downtrend. Sellers, however, will have to deal with the buildup the bulls have made over the past two weeks and avoid an unwanted decline.
All eyes are on the $40,000 mark, which sets the tone for the broader crypto-currency market. The daily charts show a downward sloping price channel, which does not bode well at the moment, but could certainly restore bullish sentiment. The Chinese action will have its impact on bitcoin price analysis, but today’s price spike has rekindled hopes for a positive turnaround in the BTC price.
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