Bitcoin (BTC) rebounds above the $38,000 support as the crypto retests the $41,000 resistance zone. In the first attempt on June 14, BTC's price rallied to $40,980 high but couldn’t penetrate the resistance zone.
BTC's price was compelled to a sideways move and later fell above $38,000 support. Today, buyers have a second chance to retest and break the resistance zone.
Bitcoin is capable of rallying to the $46,000 high, once the $41,000 resistance level is breached. The bullish momentum is likely to extend to $50,000 after the initial rally. However, if the bullish scenario fails, Bitcoin will be compelled to a range-bound move between $38,000 and $41,000. BTC/USD is trading at $39,250.40 at the time of writing. On the upside, if buyers push the BTC price above $47,000 high, the crypto will begin the resumption of upside momentum.
The crypto is still at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. Bitcoin is in a bullish momentum as it is above the 25% range of the daily stochastic. The crypto’s price has broken below the 21-day SMA but yet to break the 50-day SMA. A break above the SMAs will catapult the crypto into the bullish trend zone.
Major Resistance Levels – $65,000 and $70,000
Major Support Levels – $40,000 and $35,000
Bitcoin is resuming a fresh uptrend after the recent retracement. Meanwhile, on June 14 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that Bitcoin will rise to level 1.618 Fibonacci extensions or level $45,345. 50. Bitcoin will rise once the $41,000 resistance is breached.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.