Can bulls fix above the $42,000 mark and continue the mid-term rise of Bitcoin (BTC)?
Bulls keep controlling the situation on the cryptocurrency market as most of the coins are in the green zone.
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/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.
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.
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.
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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.
