Cryptocurrencies across the board seem to be roaring upward as the week grinds to an ultimate end. The market is painted green amid a sudden upswing as the Asian session prepares to usher in the European session.
Bitcoin has gained ground above $43,000 and may soon step above $44,000, a move that most analysts believe would bolster it toward $48,000.
Some selected altcoins like Binance Coin are performing exceptionally well, bagging double-digit gains in 24 hours. Nonetheless, their ability to rise and hold key higher support areas will determine if the cryptocurrency market will end the week positively.
The flagship cryptocurrency is trading 2.8% higher at $43,650 and is close to eliminating the seven days accrued losses. As mentioned in previous analyses, the demand zone in green above $40,000 continues to be instrumental to BTC’s recovery.
According to the 12-hour chart, this buyer concentration zone is amplified by the 200 Simple Moving Average (SMA). Bitcoin’s least resistance path is upward based on the short-term technical picture.
The Relative Strength Index (RSI) affirms the improving bullish grip on the price. At the same time, a buy signal from MACD shows that buyers have the upper hand.
Bitcoin requires a 12-hour close above $44,000 to validate the uptrend. However, gaining the position past $45,000 and $46,000 will boost the bellwether cryptocurrency close to the supply zone at $48,000.
Binance Coin is leading other major altcoins in recovery this week. A recent dip to $300 tap into a massive bull concentration zone, explaining the impressive upswing.
Despite some critical barriers along the recovery path, BNB has risen to $382 at writing. The crypto asset’s immediate downside has been protected by the 200 SMA, allowing bulls to focus on gains beyond $400.
The uptrend appears sustainable from a technical perspective, starting with the RSI’s movement above the midline. Buyers will gain more traction as this technical index closes the gap toward the overbought area.
Similarly, the MACD affirmed the bullish outlook by presenting a buy signal. Moreover, the odds will favor the bulls as the indicator inches to the mean line and perhaps crosses into the positive region.
On the other hand, we cannot ignore possible areas of interest where BNB might face delays like the resistance at the 50 SMA around $400 and the 100 SMA, currently holding at $425.
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