Price Analysis

Bitcoin Price on the Verge to Retest the $50k Level! $57K or $60k On Cards

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The bitcoin price has fallen below $50,000 per and is now hovering at $49,000 levels. Although, at the time of publishing, it was attempting to reclaim $49,000 and hold it. 

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The Flagship currency now manages to hold onto the critical support level of $46,361 as the coin touched the daily high of $48,572. And it’s possible that the bullish trend will continue in the future sessions. 

bitcoin price

Bitcoin price has been bouncing somewhere between $46,000 and $49,000. Technically, these two levels on the daily chart may define the direction the coin will take next. The BTC/USD trading pair might fall if it fails to hold the $45,000 level, while it could increase if the $50,000 resistance is broken. As a result, if buyers can energize the market, the price can be at the $50,000 resistance level.

Also Read : While The Bears Haunt The Bitcoin Price Rally, Yet $110K Seems Achievable

The technical indicator Relative Strength Index is ready to cross the 60-level, indicating a bullish market movement. The resistance levels could be found at $52,000, $54,000, and $56,000. And the support level lie at $43,000, $41,000, and $39,000.

Sellers may take advantage to break the support level of $46,000 in case the bulls fail to keep the price above the 9-day and 21-day moving averages.

Bitcoin Next Upside Target – $57K or $60k

According to a trader named Kevin Svenson on Twitter, Bitcoin’s next upward goal is $57100, or $60000, which is the prior resistance level. The analyst claims targets are determined based on technical indications.

According to independent analysts like Will Clemente, BTC’s price pullback from $50k to its present levels, was entirely logical, especially with short-term profit seekers cashing out big time. He continued,

It’s not unexpected to see some profit-taking after the move up to US$50,000, but watching the rate at which this is happening and more importantly, are sellers willing to start selling at a loss?”

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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.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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