Bitcoin price rallied high to the topmost levels in the past couple of months, yet also slashed to half within no time
Despite the downtrend, BTC price still have a strong tendency to hit $100K but some external forces may not allow doing so
It’s a known fact that Bitcoin price is a hot topic in the entire crypto space. As it is the most primitive token, it is followed by most traders. And hence, BTC price becomes the most pivotal part of the entire crypto market. However, as the crypto assets appear to have come into the mainstream, many institutions have could act as a barrier.
The magnificent rally that hit $64K faded within no time as many external factors dragged the price and restricted the price to enter the recovery phase.
- Tesla Accepting, Halting & Probable Resuming of BTC Payments
- Janet Yellen’s not so good thoughts on Bitcoin
- Stablecoins like Tether facing probes and investigation
- China’s blanket ban on Crypto Mining kept the Miners displaced
- Popular crypto exchange, Binance under the radar and hence the leverage in the future trading was reduced to 20x from 100x.
Despite multiple hindrances, Bitcoin price rejects to remain below $30,000 for more time and jumped above $40,000 after a prolonged consolidation. Moreover, the price can even rally high and break the upper barriers soon.
Currently, Bitcoin price is testing the crucial resistance zone between $40,931 and $42,452. The price however had entered the range but quickly found an exit. This range can be one of the prominent ranges to determine the bull run. Once these levels are successfully broken, the next resistance levels close to $50,000 could be imminent.
Moreover, the 200-day MA and the 50-day MA both showcase a possibility of a ‘Golden Cross’ after the deadly ‘Death Cross’. The death cross had declined nearly 25% of Bitcoin price in minutes. Conversely, if the golden cross adds up 25% then the possibility of the BTC price ranging towards $50,000 is high.