FX.co ★ Short-term Bitcoin analysis.

Bitcoin is trading just above the $40,000 price level. Price continues to respect the support around $40,000-$39,000. As long as this is the case we expect Bitcoin to remain in a bullish trend.

Bitcoin is trading inside the blue trading range as shown in the Daily chart above. The channel has a positive slope but price has not made any real progress since the end of January. In the near term we have confirmed that the $38,500-$39,500 level is key support. Bears will need to break below this level in order to continue lower.