Bitcoin Price Surges by 11% as Bulls Target $40,000

Summary:

Bitcoin price is up by 11% after dropping below 30,000 in the past week. Bulls are targeting the psychological level of 40,000.

Bitcoin price has surged by 11% early on Monday as the bulls strive to push it past $40,000. The prices have been boosted by positive remarks in last week’s B Word Conference.

During the event, Tesla’s CEO Elon Musk indicated that he personally owns Bitcoin and that he “might pump, but don’t dump.” He further stated that SpaceX also owns the crypto. In the past, his remarks have heightened volatility in the cryptocurrency market.

BTC/USD technical analysis

Bitcoin price is up by 11% in early Monday trade. Earlier on, it hit an intraday high of 39,775.42 before pulling back. Notably, that was its highest level since mid-June. At the time of writing, the cryptocurrency was up by 8.38% at 38,412.06.

In the previous session, this leading crypto has been trading between 33,863.81 and 34,840.04. Last week, it dropped below the crucial level of 30,000 to trade at a one-month low of 29,280.95. On a two-hour chart, it is trading above the 50 and 200-day exponential moving averages.

At the moment, investors are keen on whether more buyers will enter the market to push Bitcoin price to and past the psychological level of 40,000. However, the bulls will need to break the resistance at 39,510.28 to clear the path to 40,000 and higher at 40,981.82.

In the near term, it is likely to trade within a tight range of between 39,510.28 and 37,497.55. A move below the horizontal channel’s lower border will have the bears looking to retest 36,000.