- Bitcoin bulls flex their muscle with a rebound from $40,000 to $44,000.
- A golden cross pattern in the daily chart hints at the uptrend achieving more than just listing to $48,000.
Bitcoin bulls fought tooth and nail to defend the support at $40,000 earlier this week. The largest cryptocurrency has initially corrected from highs close to $49,000 amid instability in the global stock market.
As recovery begins, investors are lining up to take positions. Speculation is bound to increase for gains above $48,000 and to $50,000. Ethereum has posted considerable single-digit gains in the last 24 hours and is trading slightly above $3,000. Other altcoins performing incredibly well include Ripple (up 10%), Solana (up 12%), and Polkadot (up 14%). At the time of writing, BTC/USDT rate is $43,940.
Bitcoin Price Closes The Gap To $44,000
The support at $40,000 is a strong demand zone, marked in a green band on the chart. It was reinforced by the 100-day Simple Moving Average (SMA), which played a vital role in the ongoing upswing.
The largest cryptocurrency is trading at $43,850 as it closes the gap to $44,000. A daily close above this immediate barrier would validate another breakout past $45,000.
Investors should be aware of the delays likely to challenge the trip to the supply zone marked in red around $48,000. The 200-day SMA and the 50-day SMA could be hosting addresses that may want to break even as Bitcoin rises. If selling pressure increases significantly, the uptrend will slow down or halted altogether.
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It is essential to realize the 50-day SMA recently crossed above the 200-day SMA, forming a golden cross pattern. Many prominent analysts regard this index as a formidable chart pattern likely to enforce an uptrend, and sometimes it marks the beginning of a bull run.
The last time a golden cross occurred was in May 2020. Its appearance was a turning point and led to the incredible bull run to $20,000 by December. Bitcoin kept the rally going, later accomplishing a new all-time high of around $64,000.
BTC/USD Daily Chart
On the other hand, buyers should proceed with caution, remembering that the MACD is still bearish on the daily chart. The 12-day EMA must cross above the 26-day EMA to ascertain the uptrend in the coming session or days.
Bitcoin Intraday Levels
Spot rate: $44,033
Trend: Bullish
Volatility: Low
Support: The 100 SMA and $40,000
Resistance: $46,000 and $48,000
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