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Bitcoin Price Eyes Recovery But Can BTC Bulls Regain Strength?
Bitcoin price remained well-bid above the $38,500 support zone. BTC formed a base and recently started a consolidation phase above the $39,000 level. The price was able to recover above the 23.6% Fib retracement level of the downward move from the $42,261 swing high to the $38,518 low. The bulls seem to be active above the $39,200 and $39,350 levels. Bitcoin is now trading just above $40,000 and the 100 hourly Simple moving average. However, there are many hurdles near $40,400. Immediate resistance is near the $40,250 level. There is also a crucial bearish trend line forming with resistance near $40,250 on the hourly ... (full story)
