Bitcoin Price Prediction: BTC Price Hovers Near 50-day EMA; Is $40,000 Possible?

Rekha chauhan
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
Bitcoin To The Moon

BTC price finds some solace after the two days of the continuous sell-off. After consolidating the price shows an increased selling pressure that pushed it toward the immediate support level.

  • BTC’s price manages to sustain to pause the previous sell-off.
  • More downside toward $40,000 cannot be ruled out if falls below the 50-day EMA.
  • A quick recovery above $45,000 could prematurely send BTC to retest $48,000.

As of publication time, BTC/USD is trading at $43,507.98, up 0.81% for the day. The largest and most famous cryptocurrency by market cap is holding a 24-hour trading volume at $36,769,720,188 according to the CoinMarketCap.

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BTC trades sideways

On the daily chart, the BTC price is hovering near the 50-day EMA (Exponential Moving Average) at $43,064.0. This stoppage in the price could be of great significance as it already sliced another critical moving average of the 200-EMA.

Now, if the price failed to sustain the session’s lower levels then it would hit the lows of March 22 at $40,885.19. Further, a sustained buying pressure could find the next support at $37,500.

On the contrary, consolidating near $43,700 could be a key in triggering another leg-up to $45,000. In addition to that, in a more optimistic bullish outlook, BTC’s price could extend and retest its swing highs of $48,124.94.

Now, if the BTC buyers are able to hold the level on a daily closing basis, next they would try to recapture the psychological $50,000.

BTC surged nearly 30% from the lows of $37,500 to the recent swing highs.

Technical indicators:

RSI: The daily Relative Strength Index struggles below the 50 mark after falling below the average line on April 4. This indicates the presence of selling pressure.

MACD: The Moving Average Convergence and Divergence hovers below the midline with an increased downside 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.