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Bitcoin Price Prediction: Surges Above $40K After Days Of Consolidation; Is $45K In Sight?

Bitcoin price edges higher on Wednesday with good trading volumes. BTC opened lower but recovered quickly to the highs of $41,717.67. Bitcoin price broke above the upper resistance placed at $41,000 bringing conviction among traders for further upside.

  • Bitcoin price traders higher above $40k on Wednesday.
  • Expect more gains if the price is close above $42K.
  • Momentum oscillators tilt in favor of bulls in the short term.

As of publication, BTC/USD is trading at $40,614.84, up 2.62% for the day. The world’s largest and most famous cryptocurrency by market cap holds a 24-hour trading volume at $35,483,380,192 with gains of 45%.

A rise in volume along with an increase in price is a bullish sign.

Bitcoin price looks for an upside reversal

Source: Trading View

On the daily chart, the Bitcoin price rallied above $40,000 after testing the lows of $38,850. Currently, it is hovering below the 50-day EMA (Exponential Moving Average) at $40,706.20.

A resurgence in the buying order will push the price higher to meet further upside hurdles. The first target is placed at the horizontal resistance level at $42,586.73.

An extended buying pressure will bring $45,426.45 in play. A decisive close above the mentioned level will breach the short-term trading range of $37K and $45K.

On the flip side, if the price is not able to sustain the session’s low then it can reverse the current price action. Moving down, the first target is found at $37,500. A daily close below the mentioned support level will negate the bearish outlook for the pair.

Technical indicators:

RSI: The daily Relative Strength Index trades above the average line. Currently, it reads at 51 with a bullish bias.

MACD: The Moving Average Convergence Divergence holds below the midline. Further, it trades with a positive bias.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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