BTC price trades higher on Thursday as the bulls are back in action. A green candlestick suggests the presence of the underlying bullish undercurrent. The price is near the highs of April 11, thus forming a double top formation. However, the above-average volume indicates that the price might ignore any bearish sentiment as of now.
- Bitcoin price continues to print gains for the third straight session in a row.
- Expect a run-up to tag the swing highs of $48,000 after clearing the $45,000 hurdle.
- Intraday volume supports the bullish move with a 20% rise at $31,684,782,171.
BTC price trades near an inflection point
On the daily chart, BTC’s price faces a strong resistance hurdle above $42,000. As can be seen on the chart, the barrier exists since January 20. The price tested the record-low around $32,000 and surged nearly 45% to the high of$44,850. BTC price continues to oscillate in the range of $36,000 and $42,000 with a deviation in between extending from $45,000 to $48,000.
The reason to have a bullish view on the pioneer cryptocurrency is that with every swing low, we witness it to be higher low from $37,000 to $40,000.
Now, a strong green candlestick prompts investors to build up a long position. In the journey, the first upside hurdle that needs to be crossed is the highs made on March 2 at $45,366. In addition to that, a sustained buying pressure would clear the way toward the ultimate target of $48,000.
Conversely, a shift in the bullish sentiment might put a question on the bullish outlook on the asset. If the price closes below $40,000 on a daily basis this would result in meeting the lower target of $37,000 once again.
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As of press time, BTC/USD reads at $42,460 with 2.64% gains so far.
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