The crypto bullish rally continued today as the Bitcoin price climbed another 6% in profits today.

This bullish surge in the Bitcoin price played out exactly as we predicted, pushing the Bitcoin price higher to our $40k key level on the 4-hour timeframe. Week In Review: Are We In A New Crypto Bull Run? BTC To $40k!

In this Bitcoin analysis, we will be breaking down the next few possible price scenarios for Bitcoin and what key levels to watch for in the coming days.

To trade Bitcoin with leverage, sign-up to Bybit right now! You can also get up to $600 in deposit bonus when you sign-up and fund your Bybit account with our Bybit link.

[bybit]

The $40k Key Level Can Bitcoin Break Through?

The Bitcoin price is currently trading around the $40k resistance level on the 4-hour timeframe. This level has held the Bitcoin price back on two previous occasions making a break of this level very important for the Bitcoin bulls!

Bitcoin Bullish Prediction

For the Bitcoin bullish scenario, we need to see the Bitcoin price breakthrough and close above the $40k resistance. A price break like this will confirm our bullish bias on Bitcoin and indicate a coming bullish rally in the coming days.

This rally could potentially push Bitcoin back into the $50k level or even higher depending on the kind of volume we see come into the market if a bullish breakout like this occurs.

Bitcoin Bearish Prediction

For the Bitcoin bearish prediction, it is important for the $40k resistance to hold. If this 4-hour resistance can get respected by price, there is a very high probability that we might see a sell-off back down to the $28k support in the coming days.

The most important question now is, can the Bitcoin $40k resistance hold, or will the Bitcoin bulls power through it to the $50k regions soon?

[bybit]

Easy Steps From Beginner To Pro Crypto Trader

You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.

PrimeXBT Covesting: Trade Hassel Free

Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link  PrimeXBT Covesting