The past week can be considered as a bullish week for Bitcoin as the price level showcases approximately 6% gain resulting in the positive breakout from the consolidation range.
Bouncing back from the support placed at 0.236FIB level, BTC bulls had a positive crossover above 0.618FIB level. The price level had dual testing of the psychological mark of $42K but was unable to maintain sustainability. This can be the potential indication of a new hurdle for the largest cryptocurrency after $40K. A new support zone has also formed on the chart which is placed between $40.5K to $40.0K.
The CMP ($41262.59) is battling against the EMA-20 which is placed at $41298.25. The bullish performance during the past week by the price level was maintained by staying above the EMA-20. Therefore, maintaining sustainability above EMA-20 can be a significant positive signal for another upside.
Bouncing back from the support placed at 0.236FIB level, BTC bulls had a positive crossover above 0.618FIB level. The price level had dual testing of the psychological mark of $42K but was unable to maintain sustainability. This can be the potential indication of a new hurdle for the largest cryptocurrency after $40K. A new support zone has also formed on the chart which is placed between $40.5K to $40.0K.
The CMP ($41262.59) is battling against the EMA-20 which is placed at $41298.25. The bullish performance during the past week by the price level was maintained by staying above the EMA-20. Therefore, maintaining sustainability above EMA-20 can be a significant positive signal for another upside.