Bitcoin Price Prediction: BTC Prepares For A 26% Upside If Daily Price Closes Above This Level

Rekha chauhan
Updated
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Trader Who Predicted Bitcoin Fall To $28K Now Says $27K Is The Bottom

Bitcoin (BTC) price trades with mild losses on Saturday. The price opened lower but quickly reverses the action and touched the day’s high at $40,300 after six days. However, the rally fizzled out quickly as BTC retraced back to $39,000. Thus the price is moving sideways with no meaningful price action.

  • Bitcoin (BTC) price tracks lower on Saturday.
  • Expect an upside of 26% if the price closes above $40k.
  • Momentum oscillators warn of any aggressive bids.

In the recent development of the Russia-Ukrain war, Russian President Vladimir Putin has been reported to offer a high-level negotiation talk with Ukraine as he told to his Chinese counterpart Xi Jinping. On Friday, Nasdaq rose 1.64%, Dow Jones ended higher with 2.51%, and S&P 500 gained 2.24%.

As of press time, BTC/USD is trading at $39,024.07, down 0.58% for the day. The world’s largest and most famous currency held the 24-hour trading volume at $25,591,014,322.26 with a loss of 30%.

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BTC price looks for bullish reversal

Source: Trading View

On the daily chart, Bitcoin (BTC) price after losing nearly 65% from the record highs made in November at $69,000, the price is looking to form a base in pursuit of another 26% upside from the current levels.

The ascending trend line from the lows of $32,933.33 acts as reliable support for BTC bulls. BTC retraced almost 35$ after making swing highs at $45,855. As this time BTC meets the buyers near $34,322 signaling bulls making a comeback and could push the asset back to the upside territory.

A daily close above the psychological $40,000 level would first capture the highs made on February 17 at $44,195.62 followed by a $48,000 horizontal line.

On the flip side, BTC still trades below the crucial 50-day and 200-day EMAs (Exponential Moving Average) at $41,529 and $45,847.64 respectively. Further, a failure to hold the session’s low could test the bullish slopping line at $36,220.

Technical indicators:

RSI: The Daily Relative Strength Index (RSI) reads at 46 with a neutral bias.

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

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.