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.
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 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.
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?”