Bitcoin (BTC) rebounds above the $38,000 support as the crypto retests the $41,000 resistance zone. In the first attempt on June 14, BTC’s price rallied to $40,980 high but couldn’t penetrate the resistance zone.
BTC’s price was compelled to a sideways move and later fell above $38,000 support. Today, buyers have a second chance to retest and break the resistance zone.
Bitcoin is capable of rallying to the $46,000 high, once the $41,000 resistance level is breached. The bullish momentum is likely to extend to $50,000 after the initial rally. However, if the bullish scenario fails, Bitcoin will be compelled to a range-bound move between $38,000 and $41,000. BTC/USD is trading at $39,250.40 at the time of writing. On the upside, if buyers push the BTC price above $47,000 high, the crypto will begin the resumption of upside momentum.
Bitcoin indicator reading
The crypto is still at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. Bitcoin is in a bullish momentum as it is above the 25% range of the daily stochastic. The crypto’s price has broken below the 21-day SMA but yet to break the 50-day SMA. A break above the SMAs will catapult the crypto into the bullish trend zone.
Major Resistance Levels – $65,000 and $70,000
Major Support Levels – $40,000 and $35,000
What is the next direction for BTC/USD?
Bitcoin is resuming a fresh uptrend after the recent retracement. Meanwhile, on June 14 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that Bitcoin will rise to level 1.618 Fibonacci extensions or level $45,345. 50. Bitcoin will rise once the $41,000 resistance is breached.