FX.co ★ Bitcoin Extends Its Rally!

BTC/USD has managed to come back above the 40,000 psychological level and it could resume its growth. Technically, the price of Bitcoin seems strong enough to approach and reach new highs after invalidating a deeper drop.

Also, fundamentally, BTC/USD was somehow expected to increase after its last major corrective phase. Bitcoin remains very attractive for buyers after losing half of its value.

BTC/USD Upside Journey!

BTC/USD moves somehow sideways trying to accumulate more bullish energy before coming back higher. It has managed to escape from the descending pitchfork's body after breakout above the downtrend line.

The current breakout above the 39,489.82 level signaled strong buyers and a potential further growth towards 41,986 - 43,016 resistance. The price could move sideways in the short term trying to consolidate above the 39,489 broken resistance.

Outlook!

Registering a new higher high signal that we may have further growth. An upside breakout through the 41,986 - 43,016 area could really validate a strong leg higher towards 50,000 and 60,000 levels.