Can Bitcoin (BTC) keep the rise going after today's price blast?
The new week has begun with the continued growth of the cryptocurrency market as all top 10 coins are in the green zone.
Top coins by CoinMarketCap
BTC/USD
Bitcoin (BTC) is the top gainer today among the top coins as its rate has rocketed by more than 10 percent. On some exchanges, the price has even surpassed the $40,000 mark.
BTC/USD chart by TradingView
On the hourly chart, Bitcoin (BTC) could not come back to the zone of $39,000. However, the selling pressure is low, according to the decreasing trading volume. In this case, there are high chances of seeing a slight bounceback from the $36,800 mark.
BTC/USD chart by TradingView
On the bigger time frame, a minor correction is also the most likely scenario, as traders May have realized long-term accumulation in a narrow range. That is why there are high chances of seeing a test of the liquidity level around $37,000.
BTC/USD chart by TradingView
On the weekly chart, the candle has broken the resistance; however, it could not reach the vital $40,000 mark. The impulse was not accompanied by large trading volumes, which means that long-term traders are still accumulating power for a price blast.
To achieve that, they should keep the price above the mirror level at $36,600.
Bitcoin is trading at $38,837 at press time.
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Author
Denys Serhiichuk
U.Today
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.
