- Bitcoin price analysis highlights BTC bull's unanimous action to defend $33,000.
- Failure to break down past $33,000 ensured Bitcoin surges close to $38,000.
- Critical technical indicators gradually improve, validating Bitcoin's bull run.
During today's early morning trading session, Bitcoin soared to hit an intraday high of $38,250. The milestone comes when the global banking supervisor, Basel Committee, proposed new measures for financial institutions, indicating it is ready to take Bitcoin seriously.
The last few days have seen Bitcoin register significant price rebounds. Going by the recent price surge, crypto pundits argue that the short-term down surge from $64,800 might be complete. This is due to the failure of the king crypto to break down past the $31,000 support level. At the time of writing, Bitcoin is exchanging hands at around $37,400 butwith an immediate focus of $39,500. Interestingly, the immediate focus happens to be Bitcoin's immediate resistance level.
If the crypto coin breaks above this level, Bitcoin would be free to rally towards the 38.2 percent Fibo retracement region that ranges between $43,970 to $64,830. If all things remain constant, there is a high likelihood that Bitcoin could surge towards the 61.8 percent Fibo retracement level at around $51,930.
According to Bitcoin's 4-hour chart, critical technical indicators validate the ongoing bullish momentum. For instance, the Moving Average Convergence Divergence recently turned bullish, authenticating Bitcoin's recent surge from $33,000 to $38,000. At present, the MACD line is teetering above the signal line, indicating Bitcoin is in for further upward price movements. It is worth noting that the more Bitcoin remains in the positive zone, the more investors will be encouraged to buy the coin, thereby extending the coin's bullish outlook.
The material has been provided by InstaForex Company - www.instaforex.com