The crypto industry has recorded a consolidated weekend as major cryptocurrencies have recorded minor price fluctuations. Bitcoin has traded sideways for almost a week as the market seems to have cooled off.
The market leader was seen trading in a narrow space between $26,558.10 and $27,025.69 for a brief period, after which the market experienced a strong bullish jump, resulting in the price experiencing a jump in value.
Bitcoin price broke out of multiple resistance levels but was rejected at the $35,000 level, after this, the coin was seen trading in a consolidated range between $33,409.29 and $35,000 for two weeks.
Following the bullish move in October, where the star crypto had experienced a surge of over 28% in value, the price has recorded a reduced price action, resulting in the price displaying weak price action.
After multiple failed attempts, the price finally managed to break out of the resistance level and recorded a yearly high of approximately $38,000, but the rally was short-lived as the price experienced a significant pullback, further price falling below the support level of $37,033.37.
Since then, the price has been hovering close to the level and is expected to attempt a retest soon, of which the outcome is uncertain.
The Moving Averages Convergence Divergence (MACD) displays a constant red histogram, indicating the price is experiencing an increased buying and selling pressure in the market. Further, the averages show a continuous decline, suggesting the price may undergo correction soon.
Will BTC Price Cross $40,000 This Year?
If the bulls push the price above the resistance level of $37,033.37, the price will regain momentum, and the price will make a run to test its upper resistance level of $38,082.91 soon.
Further, if the market maintains the price at that level, it will set the stage for the market to attempt to test its target of $40,000 by the year-end.
Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $36,000. Moreover, if the bears continue to dominate the market, it will further lose momentum, experience a price plunge, and test its crucial support level of $33,429.29.
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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.