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Bitcoin bulls

A crucial week ahead for Bitcoin bulls

This week will be crucial for Bitcoin bulls as BTC is being supported by the strong support around $39-$40k. Bitcoin is testing this support for almost a week now.

At the time of press, BTC is hovering around the $39k price. One thing to is quite interesting to note is that the 24h trading volume of the currency has surged by 12%. BTC is consolidating between the $41-$39k price level for almost a week now. RSI indicates a value of 38 which kind of seems neutral but moving averages are showing a strong sell.

 Bitcoin bulls

Bitcoin bulls, hold the line!

This week is pretty crucial for Bitcoin bulls because we might see the start of another bearish cycle if current support doesn’t hold. If bulls can hold this line, then we might see a bull cycle pushing price to $45k. The crossover among 50-100 EMA is indicating that bears are still at an advantage. So, we can see two possible scenarios here; the first one indicates bulls hold the line and push the price towards $45k. The second one suggests this crucial support breaks and BTC falls to $34k or even worse.

Let’s see who wins this tug of war, bulls or bears. DYOR.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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