Bitcoin (BTCUSD) Remains Intent on Breaching $38,000

BTCUSD Is In the Hunt to Surpass $38,000

BTCUSD remains intent on surpassing the significant level of $38,000. The bullishness of the Bitcoin cryptocurrency during this period is well documented, having risen more than 40% in just about 6 weeks. Nevertheless, the market has met strong resistance since reaching $35,000. It has managed to bypass that, but it remains to bypass $38,000.

BTCUSD Key Levels

Supply Levels: $38,000, $42,570, $46,000
Demand Levels: $35,000, $33,700, $28,000

The first test at the $38,000 resistance led to a strong rejection, which plunged the coin back to the $35,000 demand level. Since then, the BTC price has been moving in an expanding triangle formation, causing another test at $38,000 and yet another rejection. The buyers remain determined, though, and another assault is coming up.

On the daily chart, the MA Cross (Moving Average) has crossed up since Bitcoin started its bullish foray from the $26,300 level and now supports pushing the price upward. The RSI (Relative Strength Index) line has dropped from its overbought region due to consecutive rejections. Nevertheless, it remains ready to push back upward.

Bitcoin Market Expectations

In the short timeframe, the second rejection at $38,000 plunged the RSI line to the oversold region, but the line is now recovering back upward and has crossed the middle line to move within a distance of the overbought border. Meanwhile, the MA Cross lines have crossed upward after a downward cross.

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