Bitcoin price edges higher on Tuesday. After tagging the session’s higher level the price moves in a very tight range. The formation of two consecutive ‘Doji’ candlesticks questions the continuation of the current price trend.
- Bitcoin price continues to climb but with limited price action.
- A daily close above $48,000 would pave the way for $55,000.
- The momentum oscillators turn neutral warning of aggressive bids.
Bitcoin price consolidates after recent heat up
On the daily chart, the Bitcoin price continues to trade higher but faces some resistance to moving beyond $48,000 on a daily closing basis. The levels were last seen in December. For the first time in the year, 2022 BTC price tagged the coveted level. The mentioned level remains the crucial level to trade.
A decisive close above the $48,000 level will further make the bulls hopeful. In that scenario, investors will not shy away from reaching out to the psychological $50,000 level.
An extended buying pressure will bring $55,000 into play. If that happens then it will be a trend reversal point for the Bitcoin price.
On the flip side, if the price falls below the session’s low then it will invalidate the bullish theory at least in the short term. Interim support is placed at the 200-EMA (Exponential Moving Average) at $44,723.
Next, investors would collect the liquidity through the supply zone extending from $42,000 to $40,000.
Bitcoin price surged nearly 50% from the lows of January at $32,933.33 to the 2022 highs of $48,240.
As of writing, BTC/USD is trading at $47,218, up 0.13% for the day. The world’s most famous and largest cryptocurrency is held at $32,615,808,820.
RSI: The daily Relative Strength Index trades sideways near 70.
MACD: The Moving Average Convergence Divergence holds above the mid-line but with a neutral bias.
- Terra Crash Spilled Over Into Other L-1 Blockchains, Here’s How
- Terra Like A Crypto “Pyramid Scheme,” Says Activist Investor Bill Ackman
- Ethereum Shorts Building Up, ETH Exchange Supply Rises
- Bitcoin (BTC) Hits 3-Day Death Cross, More Bloodbath Coming?
- Crypto Expert PlanB Reveals New Bitcoin (BTC) Bull Run
- Solana (SOL) NFT Trades Moon Amid Crypto Crash
- LUNA Founder Faces Community Backlash Over LUNA Revival Plan; Here’s Why
- Breaking: Do Kwon Releases Another LUNA Revival Plan
- Just-In: Grayscale Adds Five New Tokens To Its Investment Products
- Another Stablecoin Follows LUNA $UST, Crashes Within Hours
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?