Bitcoin (BTC) Price Analysis – Looking Bullish Once Again

2:35 pm, Tue, 27 July 21

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading above $38,000 and is looking to retest the $40,000 target once again.  As discussed in our previous price analysis, BTC must break above $38,800 to give us a confirmation of this retest.

Bitcoin (BTC) Price Analysis 2021-July-27
$38,800 is an important level to watch

Once we are above this level, we will also be interested in opening a long trade on Bitcoin for scalping.

Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on ByBit. Use this link to sign up and earn a free bonus on your initial deposit.

Claim up to $600 in Bonus

100x Leverage

Analyzing the $40,000 target

If we take a look at the 4-hr and 1-day timeframe, we can see that $40,000 holds some real significance.

The last time when we challenged this level, it proved to be a bull trap, and we saw a major sell-off in the coming days.

Bitcoin (BTC) Price Analysis 2021-July-27
Major resistance zone between $39,500 and $40,600

We can see that Bitcoin traded among our resistance zone between $39,500 and $40,600 for a couple of days and eventually broke below it.

We can also see that we have put a double top on this level and could finally break above it this time. The resistance here is quite strong, and breaking above this level could also indicate the resumption of Bitcoin’s bull run.

Bitcoin (BTC) Price Analysis 2021-July-27
Double top of $40,000

On the other hand, if we fail to break above $40,000, we could fall back on our support at $36,500. If the trading volumes are low by then, Bitcoin might start moving towards $28,000 once again.

Bitcoin (BTC) Price Analysis 2021-July-27
Support levels

However, Bitcoin is currently bullish, and this scenario is unlikely to play out. We will just have to wait and see how the price behaves in the near future.

Conclusion

Bitcoin is trading above $38,000 and is looking quite bullish at the moment. Our next obvious target is the $40,000 mark, and we must break above it to continue our bull run. We will wait for Bitcoin to touch our confirmations and will trade accordingly.

Bitcoin (BTC) Price Analysis 2021-July-27
Bitcoin is currently looking bullish

PrimeXBT: Copy Trading

Tired of the hassle that comes with technical analysis? If so, PrimeXBT Covesting allows you to mimic experienced traders. Sign up with our link today.

Recommended Bitcoin Trading Platforms:
★★★★★
★★★★★

Rating: 94%

Claim up to $600 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 89%

Claim up to $112 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 91%

Get 50% Deposit Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.050%
Maker:
0.050%
Wire:
Credit:
Crypto: