- The crypto market shows about a 2% positive trend with the leading cryptocurrency Bitcoin reclaiming the $38,000 level.
- According to an analyst, the BTC price is at a point to test an upward breakout due to Bitcoin frequently setting new high-low levels.
- Positively, the Relative Strength Index (RSI) indicates a sharp rise in the average, emphasizing an increasing price movement for Bitcoin.
If the Bitcoin price can successfully stay above this critical resistance level, the next target could be $39,000!
Bitcoin Price Trading Above $38,000
The crypto market shows about a 2% positive trend with the leading cryptocurrency Bitcoin reclaiming the $38,000 level. Major cryptocurrencies have recently recorded significant price movements, and key tokens have achieved new annual highs.
On the other hand, the BTC price continues its struggle to break the key resistance level of $38,250, as the price is consistently being rejected. Currently, Bitcoin is fluctuating around $38,100, and it is expected to test the key level in the near future, with unpredictable results.
Renowned crypto analyst Michael Van De Poppe posted a tweet about the possible price movement for the star cryptocurrency. According to the analyst, the BTC price is at a point to test an upward breakout due to Bitcoin frequently setting new high-low levels. This also indicates a strong bullish effect in the market.
The BTC price surpassed $35,000 for the first time earlier this month, leading to a significant price movement in the market. Afterward, the price continued to gain momentum but was rejected above $38,000.
The price then recorded a low around $36,000, after which bulls gained momentum and bounced back, but the price was rejected in the same range. This later led to the coin forming a positive upward trend. The resistance zone around $38,250 indicates a strong liquidation point where the star cryptocurrency is consistently being rejected.
Will BTC Price Soon Reach $40,000?
Positively, the Relative Strength Index (RSI) indicates a sharp rise in the average, emphasizing an increasing price movement for Bitcoin. Also, the average is moving toward the overbought range, indicating the likelihood of a bullish reversal soon.
If bulls gain strength and keep the price above the key level of $38,250, the BTC price will gain momentum and soon prepare to test the upper resistance level of $39,001.86. Maintaining the price at this level will allow Bitcoin to attempt $40,000 by the end of the year.
On the other hand, if bears overpower bulls, the price will lose momentum and soon test the support level of $37,033. Additionally, if a trend reversal occurs, the price is expected to face a significant correction, potentially dropping to $30,000 later this year.
