Bitcoin (BTC) technical price analysis


In the daily timeframe, Bitcoin (BTC) has exhibited remarkable resilience by holding firm the critical $25,000 support level. With an impressive display of strength, it subsequently shattered the $31,500 and $32,000 resistance barriers, establishing a compelling bullish momentum. Currently, Bitcoin is in a consolidation phase after reaching the formidable $35,500 resistance level, from where it has been oscillating.


The intriguing aspect of the current scenario lies in the range-bound movement that Bitcoin is undergoing. While it hovers near the $35,500 resistance, it is also maintaining a crucial support range between $31,500 and $32,000. This support zone acts as a significant pivot point for the cryptocurrency’s price action.


If Bitcoin can successfully preserve this support range, it is poised to make an ascent towards the coveted $40,000 level. Such a move would be seen as a testament to its enduring bullish strength and may set the stage for further upward potential in the near future.


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