Cryptocurrency activity has been on a high during the past several months and bitcoin has been the centre of attention over recent weeks hinting further gains in the future. Since early June 2022, Bitcoin (BTC/USD) prices reached its strongest point far, trading above $30580. This ongoing appreciation of the price is due to the substantial buying pressure, large Stops, and technical bids present at the market now.

The 54-bar Moving Average (MA) (4-hourly) is indicating a bullish trend at the current time and gained an upper edge over the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). Taking the same path, the 50-bar MA (hourly) is indicating a bullish trend above the indicators like 100-bar MA (hourly) and the 200-bar MA (hourly). The price is hovering around the 50-bar MA (4-hourly) at about $28491 and the 50-bar MA (Hourly) near the region of $30092.

As reported by Sally Ho’s Technical Analysis, various price objectives and retracement levels have been identified. Going up, BTC/USD could rise up to $30763, and further to $31477, $32501, $32989, $34583, and $34680. The prices could also go as high as $35222, $37765, and $38403. Upon falling, the values can face technical supports near $29659, $29544, $29373, $29302, $29222, $28906, and $28509.

Cryptocurrency market is incredibly volatile and it is wise to do your own research and analysis before making any investment decisions. This analysis should not be seen as counsel to invest or not and is presented only for educational and informational purposes.



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