Will BTC Break Above $38K This Week?

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Bit­coin (BTC) price is at a very crit­i­cal point in its his­to­ry right now. The past few weeks have forced even the most bear­ish ana­lysts to flip bull­ish as the lead­ing dig­i­tal asset con­tin­ued to make new year­ly highs every week. How­ev­er, the bulls are now los­ing momen­tum after repeat­ed rejec­tions from the 38,000–38,500 zone.

If bulls over­come the sup­ply that lies in the above-men­tioned zone, the out­look on the most valu­able dig­i­tal asset will flip even more bull­ish. In this regard, the price action in the com­ing weeks will be very cru­cial as ana­lysts expect a major move before the hol­i­day season.

On Thurs­day, Bit­coin price is trad­ing at $37,641 dur­ing its New York ses­sion after a bounce from this Monday’s highs. Bulls con­tin­ue to have the upper hand as no major shift in the mar­ket struc­ture has been observed so far despite a rejec­tion from $38,450 ear­li­er this week.

You don’t have to learn advanced TA to under­stand the cur­rent price action of Bit­coin. The price is cur­rent­ly respect­ing two dif­fer­ent ranges on the high and low time­frames. These are the week­ly range of $36,707-$37,592 and the glob­al range of $34,800-$38,000.

It is clear that the Bit­coin price pre­dic­tion depends on the reclaim of the $38,000 resis­tance. Until then, there would always be a chance of a deep­er cor­rec­tion to cap­ture more liquidity.

Bitcoin price chart technical analysis

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