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Highlights
- Bitcoin needs to break beyond the current consolidation to trigger a directional move.
- The $49000 support stands as a strong accumulation zone for buyers.
- The intraday trading volume in Bitcoin is $15.4 Billion, indicating a 13.7% loss.
Bitcoin Price Prediction: BTC, the leading cryptocurrency by market cap, has traded in a compact range from $53000 to $50600 over the past two weeks. This consolidation projected daily candles with long wicks and short bodies indicating an uncertain market sentiment that spread across the altcoin market as well. However, with the BTC price holding above $50000, the bulls have not thrown in the towel, projecting an opportunity to resume the recovery trend.
Also Read: Bitcoin ETFs & Crypto Stocks Lose Steam Amid These Key Developments
Bitcoin Price Need this Breakout To Trigger Direction Rally
Since late January, the Bitcoin price has experienced a significant price uptrend, a movement largely credited to substantial inflows into Spot Bitcoin Exchange-Traded Funds (ETFs). On February 23rd, a notable one-day influx of $232.5 million was observed across spot ETFs, pushing their cumulative net inflow to over $5.5 billion since their inception. This surge in investor interest has driven the Bitcoin price up from $38,550 to $52,868, marking a notable 37% increase in value within just a month.
However, this recovery has recently hit a major roadblock at the $53000 level shifting the rising BTC price sideways. This prolonged consolidation phase, lasting close to two weeks, suggests a diminishing bullish momentum across the wider market.
On February 24th, the Bitcoin price rebounded from the range support of $50600 and surged 2% to currently trade at $51692. With the renewed buying interest, the buyers may again challenge the upper boundary at $53000.
Thus, a breakout beyond this range will be a better signal for the near future trend in BTC. If the coin price pierces through $53000 resistance, the buyers will gain suitable support to propel a recovery rally to $59800.
Also Read: JPMorgan Predicts Bitcoin Halving Already Priced In, Is A Major Correction Ahead?
Will Bitcoin Price Lose $50000?
A breakdown below the $50600 range support will indicate the Bitcoin price needs a longer consolidation to regain strength. The immediate support for buyers is at $49000 which aligns with the recently breached neckline resistance of the cup and handle pattern. On February 12th, the BTC price gave a decisive breakout pattern’s neckline resistance signaling a major shift in trend.
If the coin price shows sustainability at this support, the Bitcoin price should chase potential targets of $59111, followed by $69275(ATH), and $82640.
Technical Indicator
- Exponential Moving Average: The fast-moving 20 EMA slope may soon hit the coin price to provide additional support.
- Average Directional Index: The ADX slope at 35% reflects the Bitcoin buyers feeling exhausted and the current consolidation may assist them in restoring strength.
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