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The crypto market ended the trading day very bullish after Bitcoin led the massive rally that saw its price surging more than 4% in just hours! This rally also caused a small bull run in the Altcoin market pushing the all crypto market higher today.
This Bitcoin rally played out exactly as we predicted in our previous End of Day Analysis Must Read: Bitcoin $38k Key Support Still Holding! What Next?. However, the Bitcoin price is about to run into a key level in the 15 minutes timeframe. We will be talking about the importance of this resistance level and how it might affect prices in the coming days.
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The $40,907 Key Resistance
This level has served as both strong support and resistance for the Bitcoin price on two previous occasions, making it a very key level to keep an eye on in the coming days.
In the sections below, we will be talking about our outlook for both the Bitcoin bullish and bearish scenarios
Bullish Price Prediction
For the bullish price prediction, we want to see the Bitcoin price break and close above this $40k key resistance in the 15 minutes timeframe.
A break like this would confirm our bullish bias, increasing the potential for us to see a price surge to the $42,604 previous highs in the coming days.
Bearish Price Prediction
However, if this $40k resistance level holds, we might see the Bitcoin price sell-off like it has done over and over again every time it gets to that resistance region on the 15 minutes time frame
Final Verdict!
We are still very bullish on Bitcoin and believe the price still has the potential to keep on heading higher in the coming days. However, we are now keeping a close watch on the $40,907 resistance region on the 15 minutes timeframe for any weakness in the price.
If Bitcoin fails to break this resistance, we might see price sell-off again soon!
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