Bitcoin Is Seeing Bullish Momentum: What Will It Take To Reach Higher Grounds? | Benzinga

Bitcoin (CRYPTO: BTC) is trading higher Wednesday, leading a rebounding crypto market. The apex crypto is looking to cross back above a resistance level that previously held as an area of support, as long as the higher lows being formed by Bitcoin can continue. The crypto has been trending on social media throughout the day Wednesday.

Bitcoin was up 0.22% at $37,121.83 at the time of publication.

See Also: Bitcoin Recovers From Near-Term Drop: Here’s What To Watch Next

Bitcoin Daily Chart Analysis

  • Bitcoin has been pushing higher the past few days and is now nearing the $40,000 level. This is a level that once held as resistance before turning into support. It will be a key level if Bitcoin is able to reach that area once more. The level may once again become a resistance zone, but if BTC is able to cross above it, the level could turn back into support.
  • The crypto trades below both the 50-day moving average (green) and the 200-day moving average (blue). This shows the Bitcoin is trading with bearish sentiment and each of these moving averages may hold as an area of resistance in the future.
  • The Relative Strength Index (RSI) has climbed the past few days and no longer sits in the oversold region. The RSI has moved up to 32 on the indicator, slightly above the oversold region. This shows that more buyers have been moving into the cryptocurrency and if buyers continue to push into the markets the crypto could see a nice rebound.

What’s Next For Bitcoin?

Bitcoin is seeing some bullish momentum the past few days as it nears the $40,000 level. This level is key to determine if buyers can continue to push BTC higher, or if sellers will hold the area as resistance.

Bullish traders are looking to see the crypto be able to cross and hold above the $40,000. Holding above the $40,000 level will show that buyers are able to keep the price elevated, a bullish sign for the future. Bullish traders would then like to see the crypto continue to push higher and cross above the moving averages.

Bearish traders are looking to see the $40,000 level hold as resistance and for the stock to fall back toward the $30,000 level. Bears want to see the RSI fall back into the oversold region.

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