Two Options – Bitcoin (BTC) is set to start this week with a doji as its daily candlestick. The markets seem undecided. Bitcoin could either try to regain its yearly opening level above $46,000, or lose the $40,000 and subsequently target levels around $30,000.
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Bitcoin Above $40,000: Conditions for $45,000 – $46,000
Bitcoin price manages to hold above $40,000 since reclaiming them on March 16, 2022. Bitcoin trades at $41,149 at the time of writing, and is currently posting a daily mini-loss of 0.36%.
What are the key levels to watch to hope for a continuation of this bullish rally of last week? Trader Michaël van de Poppe believes that bitcoin must hold the “$40.4K zone” to avoid a $39,000 test and another bearish momentum.
If $40,400 is essential support, what is the resistance line to cross? Credible Crypto analyst issues a bullish scenario based on daily demand, with a break of $42,500 followed by $45,000. He also issued a bearish scenario with bitcoin possibly falling all the way to $29,000-$32,000.
Analyst Matthew Hyland’s bullish forecast is broadly quite similar to that of Credible Crypto. Bitcoin will head according to Matthew Hyland, “towards the $46k zone”, if it “manages to break the $42.6k”.
If rejected at this level, “the $40.3k area that was previous resistance should be used as support again.”
The chess game continues for bitcoin despite a return to $41,000. The $45,000-$46,000 still seems so close, yet so far away. The bulls need to break through the resistances around $42,500 to ensure bullish continuity. The bears are waiting for a rejection to break through the $40,000 again and raise the threat of $30,000.
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