BTC Price Prediction: RSI Bullish Divergence Aims For $45,000; Are You Buying?

Rekha chauhan
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BTC price extends the previous session’s gains amid positive sentiments in the markets. Today the price opened higher relative to the last day’s closing session, thus forming a green candlestick. Further, the bitcoin buyers once again showed respect to the critical $37,000 level on the daily chart. As per CoinMarketCap, the overall market capitalization of the crypto space rose 1.6% to $1.8 trillion.

  • BTC price bided well as it found the buyer’s support for the second straight day.
  • As per the technical perspective, a short-term upswing in the price is on the cards.
  • Bitcoin reclaims the $40,000 mark amid bullish market sentiment.
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BTC price set to move higher

Source: Trading view

On the daily chart, the BTC price dropped 52% from the record highs made in November. Since then BTC has been in a medium-term downward trend. In addition to that, the descending trend line from the record highs acts as a resistance barrier to the bulls. After tagging the all-time-lows in late January at $32,933.33, the BTC price managed to pierce the bearish slopping line with the swing highs of $48,000.

However, the BTC buyers lacked the conviction to carry forward the gains, as the price immediately corrected to $39,000. BTC is further pressurized as it sliced the critical 200-day EMA (Exponential Moving Average) at $44,830.

Now, the price is flirting near the crucial $40,000 mark. A rising volume along with an increase of 6% in the price suggests the bullish undercurrent. A resurgence in buying could push the price to challenge the highs of April 21 around $43,000 followed by the psychological $45,000.

On contrary, a break below the swing lows of $37,700 would neglect any bullish arguments. In that case, the sellers would be enjoying the liquidity at $35,000.

The RSI (Relative Strength Index) produces a bullish divergence since April 12 in accordance with the price.

As of press time, BTC/USD is trading at $40,140 up 1.97% for the day.

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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.
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