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Bitcoin Price Analysis: BTC Exceeds $42,000

The price of bitcoin has created a base above the $37,150 mark. As a result, BTC began to rise sharply and smashed over numerous barriers near the $39,000 mark.

On the 4-hours chart of the BTC/USD pair, there was a break above a strong negative trend line with resistance near $39,120. The pair even surpassed the $40,000 level and the 55-day simple moving average (4-hours). The price of gold has clearly moved above the $41,000 Bitcoin mark.

The bitcoin price broke through the 50% Fib retracement level of the crucial slide from the $45,426 swing high to the $37,161 swing low. On the upside, $42,250 is an immediate resistance level.

Near $42,250 is the 61.8 percent Fib retracement level of the crucial slide from the $45,426 swing high to the $37,161 swing low. On the upside, the next big obstacle is near $43,000. In order to begin another increase, the price must rise above $43,000 in the near future.

The price might rise to $45,500 if it breaks through the next significant obstacle at $44,750. If there isn’t an upside break, the price may begin to fall below $41,000.

The next major support is near the $40,000 bitcoin level, below which a fall to the $39,150 level is possible. If there are any additional losses, the important $37,150 support zone may be tested.

The price of bitcoin is definitely trading above $40,000 and the 55 simple moving average on the chart (4-hours). To continue rising in the near term, the price must clear $42,250 and then $43,000.

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