Cryptocurrency has been subject to some of the most dynamic trading observed across all markets. For traders and investors, Bitcoin (BTC/USD) is one of the most notable and frequently monitored cryptocurrency pairs. Recently, Bitcoin has met strong buying momentum and saw gains throughout the Asian session. As bulls pushed further up the market, they triggered an exceeding of several key areas such as 27432, 27567, 27620, 27806, 27941, 28029, 28234, and 28404. These technical regions have acted as important points of resistance, and with the transgression of these levels, Bitcoin is now looking to test even higher price objectives. Some notable technical levels to watch out for include 28769, 29151, and 29964 while areas of noted buying demand come from the lower regions of 27649, 27538, 27241, 27124, 26944, 26699, 26577, 26522, 26274, 25749, and 25670. However, some areas on the higher side may still need to be cleared out before investors can enjoy these regions including 28614, 28769, 28934, 29228, 29665, 29964, 30053, and 30222.

Analysts are keeping a close watch on multiple moving averages with the 50-bar MA (4-hourly) appearing to be above both the 100-bar MA (4-hourly) and 200-bar MA (4-hourly). Shifting towards the hourlies, the 50-bar MA (Hourly) is also above both the 100-bar MA (Hourly) and 200-bar MA (Hourly) and investors can look to the upper and lower extremes of these levels for a better understanding of the current market situation.

To gauge possible technical support and resistance zones, traders can observe the data surrounding 24440.41/ 23270.10/ 22769.39, 31986.16/ 32989.19/ 34658.69, as well as other key levels such as 29514, 23438, and 20195, 69000, 59249, and 52100. From the slow stochastics, both the 4-hourly and 60-minute charts bear a bullish manner - SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage. It will be interesting to monitor the Bitcoin market in the upcoming hours to check if the bulls will be able to push prices higher.



Other News from Today