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Can bulls fix above the $42,000 mark and continue the mid-term rise of Bitcoin (BTC)?

Can bulls fix above the $42,000 mark and continue the mid-term rise of Bitcoin (BTC)?
Denys SerhiichukDenys SerhiichukU.Today

Bulls keep controlling the situation on the cryptocurrency market as most of the coins are in the green zone.

Chart

Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is not showing such a great performance as most of the altcoins, growing by only 0.37% over the last 24 hours.

BTC

BTC/USD chart by TradingView

On the local time frame, Bitcoin (BTC) could not fix above the $42,000 mark from the first attempt. If the fall continues, there is a chance to see the rate of the leading crypto around the nearest support at $41,211 by the end of the day.

BTCUSD

BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) remains trading in the wide range between the support at $39,218 and the resistance at $42,415. At the moment, BTC is facing a decline after a failed attempt to fix in the area of $42,000.

If sellers' pressure continues, there is a possbility to expect the test of the nearest level at $40,869 within the next few days.

BTCUSD

BTC/USD chart by TradingView

On the weekly chart, the rate is in the middle of the range, which means that the coin has not accumulated enough energy for a further sharp move. However, if buyers can seize the initiative and get back to the area of $44,000, there are chances to see the mid-term growth to the $45,000 mark soon.

Bitcoin is trading at $41,305 at press time.

Read full original article on U.Today

Author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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