• Home
  • Cryptocurrency
  • Bitcoin (BTC) Price Analysis: Reverses Losses, Why the $40,000 Level Matters – February 25, 2022

Bitcoin (BTC) Price Analysis: Reverses Losses, Why the $40,000 Level Matters – February 25, 2022

Bitcoin found support near $34,300 and started a strong recovery against the dollar
 Bitcoin (BTC) Price Analysis: Reverses Losses, Why the $40,000 Level Matters  – February 25, 2022
READING NOW Bitcoin (BTC) Price Analysis: Reverses Losses, Why the $40,000 Level Matters – February 25, 2022

Bitcoin found support near $34,300 and started a strong recovery against the dollar. BTC has climbed above $38,000 but is still struggling for $40,000, according to analysis by NewsBTC’s Aayush Jindal.

Bitcoin Gained Acceleration

You can follow us on our Twitter and Telegram channel to be informed about the last minute developments.

Bitcoin price dropped below the $35,000 support zone. However, BTC found support near the $34,300 and $34,500 levels. A bottom was formed near $34,333 and the price started a strong upward move.

BTC climbed above the $36,500 and $37,000 resistance levels. The bulls managed to push the price above the $38,000 level and the 100 hourly simple moving average. It even rallied above the $39,500 resistance level, but there was no upside continuation. A local top was formed near $39,739 and the price is now consolidating gains.

Bitcoin is currently trading above $38,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $37,600 on the hourly chart of the BTC/USD pair.

An immediate resistance is near the $39,200 level. The next key resistance is near the $39,500 level. The main resistance is still near the $40,000 level. A clear move above the $40,000 resistance could push the price higher. In the stated situation, it could even test $41,200.

Are Bitcoin Drops Limited?

Jindal says that if Bitcoin fails to break past the $39,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $38,000 zone. The next major support is seen near the $37,800 level and the trend line. If there is a downside break below the trendline support, the price could gain bearish momentum towards $36,000.

What Do Technical Indicators Say?

  • Hourly MACD – The MACD is now gaining momentum in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.
  • Major Support Levels – $38,000 then $37,800
  • Major Resistance Levels – $39,200, 39,500 and $40,000

Comments
Leave a Comment

Details
197 read
okunma25820
0 comments