Bitcoin (BTC) Price Prediction: BTC Looks For 25% Upside From Recent Bloodbath

Bitcoin’s (BTC) price edges higher on Friday as it recovered lately from the lows of $34,322.0. BTC in its initial reaction to the Russian-Ukraine tension test multi-week lows but quickly reclaim the $38,000 level.

Bitcoin (BTC) price trades modestly higher on Friday.
Expect another 25% from the current levels.
However, the volatility remains in full swing imposing a threat on the cryptomarket.

As of press time, BTC/USD is trading at $38,438, up 0.27% for the day. The largest cryptocurrency by market cap held a 24-hour trading volume of $36,369,266,664 as per the CoinMarketCap.

Bitcoin looks for an upside reversal

On the daily chart, Bitcoin (BTC) after testing the lows of $32,933.33 has surged 45% to the swing highs of $45,855.0. Later on, the price sliced below the 50-day EMA (Exponential Moving Average) at $42,859. However, the price remained pressured below the 200 EMA at $48,200.

In the previous session. BTC/USD tested the low of $34,322.0 but recovered back quickly to the highs of $39,720. But price remained in a very tight range with no meaningful price action.

Now, if the buying pressure remained consistent BTC could test the upside filter at the 50-day moving average at $45,900.

Next market participant will keep their eyes on the crucial 200-EMA at $48,200. Thus looking for a total upside of 25% from the current levels.

On the flip side, a break below the session’s low could raise a doubt on the continuation of the upside trend.

Further, a weekly close below the lows of $34,322.0 invalidates the bullish thesis.

Technical indicators:

RSI: The Daily Relative Strength Index (RSI) trades at 42 while trading below the mid-line with a neutral bias.

MACD: The Moving Average Convergence Divergence (MACD) holds below the midline with receding bearish momentum.

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Rekha chauhan

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.

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