Bitcoin price extends the previous session gains on the weekends. The price consolidates in a very tight range above the 200-EMA. Investors are waiting for confirmation before taking up aggressive bids.
On the daily chart, the Bitcoin price surged 21% from the lows of 37,560.40 made on March 14. The asset tested 3-month highs at $48,240.0 on Thursday. However, the bulls lack the conviction or are unwilling to carry forward the gains beyond the said level. In the recent pullback, BTC price revisited the critical 200-day EMA (Exponential Moving Average) at $44,796.98.
But the downside seem limited as the price bounced back with a 5% gain in two sessions. This, suggest the bulls are not in a mood to give up easily either. So, for now, BTC slides in a trading range of $45,000 and $48,000.
An acceptance above $48,000 amid sustained buying pressure would make traders hopeful. On moving higher, the first upside target could be located at the psychological $50,000. Next, market participants would likely recapture the horizontal resistance level at $52,500.
On the contrary, if the price fails to hold the session’s low then it would invalidate the bullish outlook for BTC price in the short-term. In that case, investors will collect the liquidity at the support level found at $42,500.
As of publication time, BTC/USD is trading at $46,625.90, up 0.75% for the day. The 24-hour trading volume of the largest cryptocurrency by market cap is standing at $34,123,056,256 with a loss of 17% as reported by CoinMarketCap.
RSI: The daily Relative Strength Index oscillates near the average line with a neutral stance. It reads at 60.
MACD: The Moving Average Convergence Divergence stands above the central line but with a receding bullish momentum.
Floki price has drawn strong attention after recording a bullish daily surge of over 30%.…
BNB Coin price has entered a powerful phase after breaking through a major resistance level…
Aster price has recently shown strong signals on the chart, with a breakout from its…
XRP price could be on the cusp of a big move in the coming weeks…
Bitcoin price has recently surged to the $120K mark, reclaiming momentum and sparking fresh optimism…
Pi Network price has crashed by over 90% from its highest level since its mainnet…