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Bitcoin price analysis: BTC/USD back in the range following the rejection above $4,000

  • Bitcoin trading volume is standing slightly above $9 billion.
  • Bitcoin bull Mike Novogratz predicts Bitcoin price surge at the end of the ongoing sideways trading.

BTC/USD opened the week at $3,961 and corrected above the stubborn hurdle at $4,000. This was the second attempt the largest crypto by market capitalization was making to sustain growth above $4,000. The first attempt took place on Saturday during the weekend session but failed to hold position above $4,020 resulting in declines.

At the time of writing, Bitcoin trading volume is standing slightly above $9 billion. The high exchange volume means that BTC/USD is poised for another upward movement that could test the weekly high. If the bulls manage to pull Bitcoin above $4,200, it is very likely that the move will pave the way for a further breakout to the north.

The 15-minutes chart shows a forming bullish momentum above the descending trendline. In spite of the bullish momentum, the range limit at $3,980 is still far from reach in the short-term. Bitcoin must step above this resistance limit for a correction above $4,000.

Meanwhile, the price is immediately supported by the 50 SMA 15-minutes. The 100 SMA 15-minutes support lies at $3,965.80. Other support levels include $3,960, $3,950 and the range support at $3,940.

As reported in the cryptocurrency market update article earlier today, Bitcoin bull Mike Novogratz predicts Bitcoin price surge at the end of the ongoing sideways trading.

BTC/USD 15′ chart

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