- Bitcoin price formed a strong support near the $3,940 level and climbed higher against the US Dollar.
- The price managed to clear the $3,965 and $3,980 resistance levels to move into a positive zone.
- Yesterday’s highlighted key bearish trend line was breached with resistance at $3,970 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The current price action is positive, but buyers need to gain strength above the $4,000 resistance.
Bitcoin price started a slow and steady rise against the US Dollar. BTC is showing positive signs and it seems like there could be an upside extension above the $4,000 and $4,040 levels.
Bitcoin Price Analysis
Recently, we saw a downside correction in bitcoin price below the $4,000 support against the US Dollar. The BTC/USD pair declined below the $3,980 and $3,960 levels. However, the $3,940 level acted as a strong support along with the 100 hourly simple moving average. Later, a solid support base was formed above $3,940 and the price…
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