Bitcoin (BTC) It exhibited quite volatile price action last week and did not give a clear indication. The bulls are showing signs of superiority as BTC price approaches the $48,000 resistance area.
bitcoin price If it can close above $48,000, it will confirm a breakout. This breakout will trigger a rally above $50,000. This move will naturally be the key to a bigger rally. But things won’t be that easy and there are technical risks to watch out for in the short term.
On Thursday, Bitcoin dropped below the $45,000 level and bottomed at $44,481. Friday’s bearish attempts failed, but recovered the next day and hit $46,979, up 6%. BTC, which strengthened just under $48,000 at the beginning of last week, continued to show momentary weakness after losing 3,500 points while continuing to trade with a trendless move.
Bitcoin has had a turbulent journey throughout its history. But despite the ups and downs, its value continued to rise. Some believe that April has historically been one of the best months for Bitcoin. According to ForexLive, over the past 11 years, it “increased eightfold in April and fell by only threefold respectively.” In the same period, the losses did not exceed 3%.
The $48,000 level remains the major resistance in front of Bitcoin. A break above this level will help the uptrend continue. The bullish sentiment could push Bitcoin price above $50,000 and even show a test of $55,000. This rise will only come after a consolidation above the $46,200 support level. This move will turn this level into a support and also confirm a new uptrend.
Bitcoin Price Action
Bitcoin is trading at $46,357, down less than one percent on the day. The $880 billion market cap has been on a downward trend since its peak of $69,000 in early November.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.