The price of Bitcoin is currently in a downward trend, with the goal of testing lower support. BTC Price is currently trading at about $47110, with a loss of more than 3%.
Bitcoin fell from a 24 hr high of $49,320 to $46,648 in the last 24 hours. Later it corrected gains and is currently trading sideways.
Bitcoin’s price is currently trading above the 50 and 100 Daily Moving Averages, with a previous positive crossover. The price has temporarily bounced back from the 100 DMA line, which is near $40000.
If BTC surges, bullish momentum may run into resistance near $55k. In contrast, the coin’s bounceback may be seen near $45k. If the coin price rises above the $55K barrier level, a strong rally to $65K can be expected.
However, the volume of Bitcoin, as well as its market capitalization, has decreased. BTC’s volume to market cap ratio suggests a significant price drop in the near future.
If the ratio gains momentum and rises above 0.8, a major drop in price might be expected in the coming days.
Next Crucial Levels For BTC Price
Popular crypto analyst Crypto Kaleo chimed in on Bitcoin current price action. In a recent tweet, he stated that BTC is struggling to pass the psychological barrier of $50000. However, right below the $47K level, there is a significant demand zone.
Another analyst Dean Crypto Trade, In a tweet, predicts how low can the token stoop.
The analyst says, BTC could make a higher low but looks weak. As a result, taking a break to replenish for the next big move makes a lot of sense. He further says the downside is limited to $42K-$43K as there is strong support at that level.