The leading digital asset, Bitcoin, is now trading well towards the $38,000 price region after the digital asset gathered enough momentum to break above its latest resistance level of $35,000. The assets went as high as $38,750 but soon gave way to the bears as they took it close to its latest support level in what would be described as a price correction.
Presently, the digital asset is trying to move back to the $38,000 price region, with things looking like the bulls leading the digital asset. If the coin manages to break above this current resistance figure, then investors would be comforted by the fact that it will break above the next resistance of $40,000.
On-chain analysis points to bullish momentum
With Bitcoin currently trading close to its latest support zone around $38,000, all signs bullish for the leading digital asset. If it eventually succumbs to the bulls, they could take the price from its present position all the way to top above $40,000.
Even if the price eventually goes this way, traders should be wary of the region around $40,500 because the digital asset is expected to face a huge rejection around that region. Buying activity is yet to trigger the asset towards the upper $38,000 trading region, and if it is done seen soon, the asset might continue to go under.
Taking a look at the upside trading, the digital asset could well go on top of the $38,000 price region if buyers pull their weights behind the digital asset. If this happens, the bullish momentum could be sustained, and the digital asset could well move close to the resistance at $40,500.
Trader activities needed to boost bullish run
If it eventually breaks above this resistance region, then the sky is the limit for the coin. And peradventure it drops, the asset could go below and trade around $36,000 with another support expected to appear around the $35,000 price level.
Asides from the analysis that is being projected here, the Fibonacci levels have shown that Bitcoin is on its way to resume its much-expected uptrend in the coming days. The digital asset touched the 78.6% Fibonacci retracement levels yesterday as the digital asset is expected to rise and fall around 1.272 extensions or a price region around $40,583.
If the coin touches and reverses at that level, it would go back to its previous level. Traders and experts would need to add their support so the coin would not retrace towards the resistance level as only this being the bulls in its favor.