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.
As of press time, BTC/USD reads at $42,460 with 2.64% gains so far.
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- Prominent Investment Officer Predicts More Downside For Bitcoin Price, Here’s Why
- Investors Move $141 Million Out Of Crypto: CoinShares Report
- Just In: S. Korea Police Seek To Guard LUNA Assets
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?