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.
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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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