December 9, 2022

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Bitcoin continues to flirt with $40,000 mark as technical breakthrough remains elusive for now

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No firm breakthrough above $40,000 for Bitcoin just yet


The psychological level @ $40,000 and the 100-day moving average (red line) is still helping to limit any major upside breakthrough in Bitcoin this week, and the story continues as we get into European morning trade.

Buyers are still poised to try and push the agenda but are lacking that extra oomph to see a potential breakout take place.

If it does come though, expect the follow through buying to be swift and sharp with a push towards the 200-day moving average (blue line) @ $44,656 a likely near-term target.

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But for now, we stay as we were yesterday:

The $40,000 mark is the key resistance level to watch on the daily close and adding to that are the 100-day moving average (red line) @ $40,470 $40,305 and then the 26 May and 15 June highs at the region of $40,900 to $41,322.

That provides a clear line/region in the sand for buyers to cross in order to establish fresh upside momentum and break away from the consolidation range since mid-May.

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