BTC was pushed over the support levels by increased interest and acceptance of El Salvador’s official currency, but the new option of being used as a currency for buying Teslas has had a tremendous influence on BTC. With additional favorable news, Bitcoin‘s price might rise to $64000, its all-time high.
Elon Musk has stirred up investor enthusiasm once again in the bitcoin space. In the near future, crossing the $40000 levels will be a deciding factor for BTC. Energy consumption and gas costs are a worry, but if the globe shifts to clean energy to power crypto mining, these assets might see a significant increase in value.
Bitcoin Technical Analysis
Bitcoin has been holding steady at 31700, its long-term support level, and is showing signs of a strong uptrend. Despite the fact that the market move in the last few hours can be attributed to Elon Musk’s tweet, BTC is currently trading in a consolidation zone. Near-term support is currently driving the chart into the red from $39500.
Once Bitcoin passes this barrier, it will be able to test higher barriers. Overall, the recent uptick in bullish mood may provide BTC with a much-needed boost to break beyond the psychological $40000 barrier. On the short term chart, the MACD is indicating a bearish trend, which could be attributed to the consolidation in the last eight to ten hours around $39500.
In the previous 24 hours, there has been a clear and noticeable increase in the value of BTC cryptocurrency. There isn’t a single inconsequential or perplexing candle. At $39500, Bitcoin is encountering some resistance, but this resistance consolidation indicates that investors are still trying hard to break through.
According to our Bitcoin forecasts, the most recent red and green candles are forming a spinning top pattern, indicating that a battle to change this counter to red or green is ongoing. At support levels of $32000 and after it exceeds the $40000 value on daily charts, BTC will be a smart purchase. New positions should be halted till then.
These signals indicate a positive ambiance, but profit booking is required to go over $40000.