After spending most of June and July lingering around the$35,000 mark, the bitcoin price has recaptured the $45K milestone. Given that the future of the US cryptocurrency business is in jeopardy, Bitcoin’s tenacity is commendable.
Bitcoin price is trading in the overbought region as the price fluctuates below $47,000. Since August 6, the bulls have broken the resistance at $42,299 to reach a high of $46,4 38. At press time, The flagship cryptocurrency is facing rejection at the $47,000 resistance zone.
BTC looks like it wants to make a move to $50K this week. Flip $46.2K and expect another big move up out of this ascending triangle.
The relative strength index (RSI) on the other hand, with a score of 66.22, has managed to stay in the greens throughout the last 24 hours. Since the cryptocurrency is showing strong buy on the moving averages and buy on the overall technical indicators, market sentiment for Bitcoin is largely positive. BTC price should avoid a fallback to sub-$45,000 levels.
Clemente believed that the top coin was on the verge of breaking the $57k barrier.
In a recent podcast with Anthony Pompliano, he said that,
“I’ll be watching to see if we might take a pause or a little breather there (200-day MA) because that’s kind of a mark that a lot of people in traditional finance look at to see if an asset is in a bullish or bearish phase. I’ll be looking for that, but I’m targeting $49,000-$50,000 right now and seeing how we’re going to kind of react there. I think it will perhaps play out there over the coming weeks.”
After Bitcoin breaks a certain price area, according to well-followed crypto trader Pentoshi, there will be no stopping it. All eyes are on $48,000, or a bullish higher-low scenario for BTC between the high $30,000 and low $40,000 zone, according to the trader.