Bitcoin had been trading sideways in the $45000 zone off late. Late evening, BTC was on the verge of breaking below major resistance at $44000. However, the price steered clear of the pivot and rallied as high as $45786
At the time of writing, BTC is trading at $47126. This comes as the flagship currency retraced back from its local high.
With a positive crossover, the price of Bitcoin is currently trading above the 50 and 100 Daily Moving Averages.
The major resistance from here is at $48000 which BTC has failed to break above so far. The major support is at $40000, which can be tested if BTC dips below $44000.
As for the technical indicators, RSI is 61.25 flashing a neutral signal. Whereas, the moving averages flash a strong buy signal.
BTC Price Break Through
Popular Analyst Scott Melker aka Wolf of All Streets in a recent tweet chimes in on the price action.
He says, Although, the price action is mostly boring and sideways, a break through can pump the price to $47K-$48K range.
However, a rejection would lead to more “boredom”.
Adding to the case is analyst Micheal Van De Poppe. In his recent tweet update, he mentions
“Bitcoin holding support here is a great sign”
Additionally, In the last several days, both the volume and the market capitalization of Bitcoin have increased. The coin price’s volume to market cap ratio implies a strong upward trend in the future.
As the weekend approaches, BTC is most likely to surge high in lieu of weekend rally. The technical indicators, analyst predictions, and market sentiments all act in favor of BTC currently.