Bitcoin is facing resistance at $38,000, indicating hesitation to buy at higher levels. However, analysts remain bullish on Bitcoin’s future price potential.
BitMEX co-founder Arthur Hayes believes that increasing US dollar liquidity will push Bitcoin higher.
PlanB, creator of BTC price models, expects Bitcoin to maintain an average price of at least $100,000 between 2024 and 2028.
Traders should exercise caution as every uptrend is bound to have corrections.
In the short term, UNI, IMX, VET, and ALGO may extend their up-move.
Bitcoin’s immediate support is the 20-day exponential moving average ($36,546), and a break above $37,980 could lead to a rally to $40,000.
UNI has pulled back to the 38.2% Fibonacci retracement level of $5.92, and a bounce off this zone could lead to a breakout above $6.70.
IMX has been sustaining above the breakout level of $1.30, and a climb to $1.86 is possible if buyers prevail.
VET is struggling to sustain higher levels above $0.023, and a rebound off the 20-day EMA ($0.021) could lead to another attempt to overcome the obstacle at $0.023.
ALGO is facing strong resistance at $0.14, but if the bulls hold their ground, a rally to $0.20 is possible.
Summary:
– Bitcoin faces resistance at $38,000, but analysts remain bullish on its future price potential.
– Traders should exercise caution as every uptrend is bound to have corrections.
– UNI, IMX, VET, and ALGO may extend their up-move in the short term.
– Bitcoin’s immediate support is the 20-day exponential moving average ($36,546), and a break above $37,980 could lead to a rally to $40,000.
– UNI may see a breakout above $6.70 if it bounces off the 38.2% Fibonacci retracement level of $5.92.
– IMX could climb to $1.86 if buyers prevail above the breakout level of $1.30.
– VET may attempt to overcome the obstacle at $0.023 if it rebounds off the 20-day EMA ($0.021).
– ALGO could rally to $0.20 if it breaks above the strong resistance at $0.14.
