Bitcoin (BTC) Needs To Cross This Critical Threshold To Break $48,000
Bitcoin (BTC) price makes a consolidated move in the middle of the week. BTC faces multiple hurdles near the critical $45,000. However, above an average volume as the price creeps higher suggests some retracement in the price will set fresh directional bias.
- Bitcoin (BTC) price trades modestly lower on Wednesday.
- Expect more gains if the price decisively breaks above the descending trend line.
- Investors seek some bargain buying near the consolidation.
The largest cryptocurrency ranked with a 24-hour trading volume of $21,282,060,115, down 12% for the day.
As per the recent update, Bitcoin’s overall liquidity has been squeezed as the overall BTC balance on exchanges drops. BTC liquidity has hit a six-month low analyst looks at it as a bullish catalyst for the cryptocurrency.
Bitcoin attempts to test $48,000
On the daily chart, Bitcoin (BTC) price after rallying nearly 40% from January’s lows finds some strong foothold near the 50-day Simple Moving Average (SMA) at $42,418. The descending trend line from the highs of December $52,100 acts as a strong resistance barrier for the bulls.
The price swing in between the 50 and 200 SMA with clear downside and upside levels capped suggests the sideways movement in the Bitcoin price.
Investors are attempting to crack the 50-day SMA with full conviction to flip to support so as to confirm the bullish bias for the pair. A decisive break above the bearish slopping line would seek an upside of 18% toward the $52,000.
On the other hand, if the price drops below the mentioned 50-day SMA then it could retest the $36,000 horizontal support line.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) holds at 59 suggesting a bullish outlook for the pair.
MACD: The Moving Average Convergence Divergence (MACD) trades above the midline with an upward bias.
- Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes
- Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow
- US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
