BTC Pressing Upside

Positive news that “Iran will use cryptocurrency for international trades” did not provide much support for Bitcoin but as more countries swing that way, we could see further underlying demand. $40,000 support level is strong – it was tested and held with higher highs which is a good sign for BTC. Bitcoin is now resting below the bearish trending line, probably the last resistance. Breaking above this trend line and EMA 100 might see volatility turn upwards that could lead to a strong rally towards the highlighted red zone of $49,000, 0.236 Fib. For this, however, bulls need to keep the price above $43,000 support to give a chance to new buyers to get onto the train.