Bitcoin (BTC) Price Analysis – $40,000 Level Being Retested

6:47 am, Wed, 28 July 21

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

After almost 70 days of consolidation, Bitcoin has finally started to gain some bullish momentum and is pushing to get above the $40,000 target. As predicted in our previous price analysis, Bitcoin managed to get above the $39,500 mark and using it as short-term support.

As of now, Bitcoin is trading at $40,000 and is looking to rally forward. Bitcoin has already rejected this level quite recently, so it is crucial that we break above it this time.

Bitcoin (BTC) Price Analysis 2021-July-28

We are also forming a nice “W” on the 1-hour timeframe, which is usually an indication of a price breakout.

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Next Targets for Bitcoin

Bitcoin is currently trying to build new support in the $40,000 region. Before we speculate for BTC’s price to go any higher, it is vital that we close several candles above the $40,000.

The level we currently need to observe is the region between $39,500 and $40,600. In the past, Bitcoin has struggled to hold this region. We must break above $40,600 convincingly in order to maintain the momentum.

Bitcoin (BTC) Price Analysis 2021-July-28

Once we have convincingly broken above this region, our next immediate target to watch will be the $42,300.

Bitcoin (BTC) Price Analysis 2021-July-28

On the other hand, we can see on the daily timeframe that Bitcoin has closed seven green candles in a row. This means even though Bitcoin is looking bullish, a small correction could also happen anytime.

Bitcoin (BTC) Price Analysis 2021-July-28

Conclusion: Our Final Verdict on Bitcoin (BTC)

There is no doubt that Bitcoin is carrying strong bullish momentum and is looking good to break above $40,000. We are also expecting Bitcoin to go higher, but a minor correction is highly likely. Once we get above the $42,300 level, we could also see a huge spike in price.

Bitcoin Price Analysis 2021-July-28

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