Bitcoin Holding the Bullish Support: A Breakout Could Trigger a Surge to These Levels, But Here’s When!
The post Bitcoin Holding the Bullish Support: A Breakout Could Trigger a Surge to These Levels, But Here’s When! appeared first on Coinpedia Fintech News
The crypto markets have gained momentum with the positive updates being unveiled in recent times. Bitcoin has surged from the consolidated zone, manifesting the presence of the bulls who waited for the right time to utilise their strength. The long trade now appears viable, as the investors now look for a bullish yearly close, while the upper targets are expected to seal below $44,000.
Has the bull run paused? When will the BTC price hit $50,000?
The BTC price, from a larger perspective, continues to trade within pre-determined resistance and support levels at $44,200 and $39,649, respectively. It made a nice swift move from the interim lows close to $40,500 as the bulls successfully held the lower support at $40,000. Currently, the bears are utilising all their strength to outpower the bulls, but the trade setup suggests the price is due for a massive price action.
As seen in the above chart, the bulls and the bears are manifesting equal strength to some extent. Hence, the price is juggling around certain regions and is currently trying hard to sustain above the interim support of $42,472. The RSI is displaying a bearish divergence but may still be reversed in a short while from now. With this, the price may trigger a fine upswing back towards the upper resistance zone, but after hitting the liquidity area at the lower support.
The bulls do have significant dominance over the rally, but the liquidity flow appears to have shifted to other altcoins. This has lowered the pace of the rally to a large extent, which may cause the Bitcoin price to trade within narrow regions for another couple of days. As mentioned, the markets are approaching yearly highs, and as happened before, the tokens could exhibit extreme volatility that may favour the bulls. However, the possibility of the BTC price hovering within the same mentioned regions also emerges, as the BTC dominance is also facing bearish heat at the moment.
Filed under: Bitcoin - @ December 19, 2023 6:14 am