Indeed, BTC struggles seem not to end. Over the past week, the leading coin saw its mining hash rate dropping drastically. As the currency experienced extended selling pressure by miners and traders, ‘big’ market players step up to save the leading coin from its recent drops. With positivity surrounding the crypto space lately, Bitcoin noted recoveries as buyers controlled the virtual market. Afterward, Bitcoins ascended in an upward formation, with an uptick breakout. While writing this content, Bitcoin trades at $35,449, after a more than 5% surge in the past 24 hours.
Bitcoin 4-Hour Chart
Bitcoin has been recovering since the June 22 dips that had the leading crypto coin by market trading at $28,600. Although the asset experienced slight corrections, BTC found support between $30K and $33K levels. That created the lower trend-line of Bitcoin’s rising triangle. The upper trend-line of the formation denoted a $36,600 resistance zone. If Bitcoin manages to close over this level, it might experience uptrends, breaking from the triangle pattern, heading to the 78.6% Fib extension hovering at the $37,460 level. However, Bitcoin had some near-term challenges. For instance, its current prices collide with the 4-hr 200- SMA and 61.8% Fib extension. Surprisingly, this zone coincided with the 12-Hr 50 – SMA, forming a vital level for bulls to retake.
So What?
According to Bitcoin’s indicators, the coin has possibilities to surge. DMI maintained a bullish outlook as the positive DI diverged from the negative DI while writing this. ADX was at 16, suggesting that BTC might experience slight sideways moves before registering a massive trend. RSI switched to the bullish zone as the market saw amplified buying pressure. Lastly, SMI indicates increased buyer momentum. That shows the positivity that the BTC market has for now. Market players expect new highs if the leading crypto conquers its crucial levels in the trading sessions to come. To attempt reclaiming the $41,000 mark, Bitcoin has to surpass several near-term challenges. At the moment, indicators show that the currency might rally higher. However, investors need not get too optimistic. The coin can have its bullish set-up negated if selling pressure draws BTC beneath the $33K level.
What are your thoughts?
