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Bitcoin Price Fails to Break $50K! Where is BTC Price Heading Next?

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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.

Also Read : Bitcoin Price Hints Bearish Blues! Here are the Next Crucial Levels For BTC Price

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.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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