Bitcoin price leaps over the crucial $40,000 mark on Wednesday and tags the highs near $42k. BTC opened lower but rallied quickly to session highs after a brief stint at $38,368.01. A consistent buying pressure produces a strong candle suggesting the recent price action is going to stay at least in short term.
- Bitcoin’s (BTC) price smashed above the $42,000 mark with remarkable gains on Wednesday.
- Expect more upside toward $45,000 as buying pressure intensifies after recent consolidation.
- Momentum oscillators point out the continuation of the upside momentum.
Bulls ask for $45k Next
Bitcoin price is zooming above $42,000 after days of consolidation and sideways movement. Above an average volume with price rise, instill faith among investors near the support levels. As it happened on February 3, and February 24 when BTC $45,519.24 and $45,426 respectively.
Now, looking at the daily chart, BTC could face some resistance near $42,000 as it is a crucial support-turned-resistance level.
The first positive sign of our bullish outlook for Bitcoin price is the crossing of the critical 50-day Exponential Moving Average (EMA) at $41,157.18. Although it occurred previously on March 4 BTC failed to sustain the gains.
Secondly, the formation of a strong green candlestick indicates sustained buying pressure in the pair.
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A daily close above $42,440 will extend the buying momentum toward $45,000 that also coincides with the critical 200-EMA.
An acceptance above the moving average will take out $48,000 with ease.
Technical indicators:
RSI: The daily Relative Strength Index (RSI) gives bullish divergence since February 21 price continued to move side-lined.
MACD: The Moving Average Convergence Divergence makes an effort to shoot above the midline.
OBV: The On Balance Volume indicator rises indicating the presence of demand as price bounces.
Alternatively, a shift in the bearish sentiment combined with a slippage below 50-day EMA will cast a doubt on the current rally. Bitcoin price could revisit the horizontal support placed around $37,000.
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