Bitcoin (BTC) price treads water on the first trading day of the week. BTC moves in a very tight range of $37,577 and $38,550. Investors look out for fresh trigger to position next move in the largest cryptocurrency by the market cap. However, as per the previous price action bargin hunting could be next for Bitcoin traders.
- Bitcoin (BTC) price trades in a familiar trading range on Monday.
- The U.S Dollar Index stands strong above 98.0 exerting pressure on BTC.
- Expect an ascent of 18% from key support of $38k.
A strong foothold above $38K could set new demand zone extending from $32,900 and $34,000 since January 24. Still, BTC is in a long downtrend on daily frame but traders could find some attractive discount buying opportunity near the key support levels.
If the price successfully holds above the $38,000 level combined with a green candle next day then is it a perfect mix to meet first upside hurdle at Friday’s high of $42,524.87.
Next, bulls will make an attempt to retest the critical 200-day EMA (Exponential Moving Average) at $45,481.0 that acts as an upside hurdle for Bitcoin price.
Technical indicators:
RSI: The daily Relative Strength Index (RSI) reads at 41 slicing the average line with a bearish bias.
MACD: The Moving Average Convergence (MACD) hovers below the midline indicates a downside outlook for the asset.
VO: The Volume oscillator approaches toward the oversold zone suggest bears are exhausting at the current levels.
In conclusion, traders can accumulate BTC near the mentioned demand zone as Bitcoin price could see 18% ascent.
On the flip side, a break of the session’s low will expose the risk of retesting the horizontal support level of $36,000.
As of publication time, BTC/USD is exchanging hands at $38,150, down 0.67% for the day.
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