Why Bitcoin (BTC) Targets Critical Break Past $41.5K
- BTC launched a lucrative recovery move beyond the $41K and $41.4K price levels.
- For now, the crypto hovers beyond $41K and 100 hourly SMA.
- The hourly chart shows a near-term triangle developing with $41,510 resistance (Kraken data feed).
- Bitcoin should overcome the hurdles at $41.5K and $41.K for extended upward movements.
Bitcoin stretched its recovery wave beyond $41.4K. A decisive break past $41.5K and $41.K may trigger more surges for the bellwether crypto.
BTC Price Displays Positive Signals
BTC price printed a base beyond the vital zone at $40K. The world’s largest crypto launched a lucrative recovery wave and cleared the resistance zone at $41K. Bitcoin remained within a positive territory and surged further past the $41.4K level.
The token even hiked beyond the $41.5K obstacle to settle above the 100hr Simple Moving Average. BTC created a high of around $41,825, and the crypto consolidates the gains.
The dominant crypto hovers well beyond the 23.6% Fibonacci retracement of the latest wave from $38,570 to the high at $41,825. Moreover, BTC/USD’s hourly chart shows a near-term contracting triangle developing with resistance at $41,510.
The nearest resistance to the upside stands at $41.5K. Another crucial resistance sits at $41.8K. The alternative token should steady beyond $41.5K for a decent upside that clears the obstacle at $41.8K. Bullish success will see the cryptocurrency surging towards the resistance zone at $42.5K. Meanwhile, further uptrends could call for an uptrend towards $43.2K.
Bitcoin Dips Limited?
BTC’s failure to overcome the resistance area at $41.5K may welcome downside correction. That would mean weakened actions. That can see Bitcoin dropping towards the immediate support at $41,050.
However, more declines will discover a foothold at $40.4K and the 100hr SMA. This support sits around the 50% Fibonacci retracement of the wave from $38,570 to the $41,825 high. Breaching the footing at $40.4K and $40K may mean accelerated selling momentum.
For now, BTC eyes a decisive break past $41,500. Such a move would translate to further upticks to overpower $41,800. However, bulls should gang up to overcome the crucial obstacle at $41.5K.
Support zones – $41,050, $40,200
Resistance levels – $41,510, $41.L and $42.5K