Bitcoin Consolidates above $40K, Why BTC Could Surge To $50K

Bitcoin Consolidates above $40K, Why BTC Could Surge To $50K


Bitcoin price gained further momentum and traded to a new all-time high near $42,000 against the US Dollar. BTC is currently consolidating gains and it could surge towards $45K and $50K.

Bitcoin is trading in a strong uptrend above the $36,000 and $40,000 support levels. The price is consolidating above $40,000, and it is well above the 100 simple moving average (4-hours). There is a key contracting triangle forming with resistance near $41,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue higher towards the $44,000 and $45,000 levels in the near term. Bitcoin Price Sets New ATH

In the past few days, there were additional gains in bitcoin price above the $35,000 resistance against the US Dollar. The BTC/USD pair broke many major hurdles near $36,000 and $38,000 to continue higher.

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It even surged above the $40,000 level and settled well above the 100 simple moving average

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