Bitcoin (BTC) price is making a consolidated move in the middle of the week. BTC faces multiple hurdles near the critical $45,000. Above average volume, however, as price creeps higher suggests that some retracing in price will set off a new directional bias.
The price of Bitcoin (BTC) is trading slightly lower on Wednesday. Expect more gains if the price breaks decisively above the bearish trendline. Investors look for bargains near consolidation.
The largest cryptocurrency ranked with a 24-hour trading volume of $21,282,060,115, down 12% for the day.
According to the recent update, Bitcoin’s overall liquidity has been squeezed as the overall BTC balance on exchanges declines. BTC liquidity has hit a six-month low. Analyst sees it as a bullish catalyst for the cryptocurrency.
Bitcoin tries to test $48,000
On the daily chart, the price of Bitcoin (BTC), after rising nearly 40% from its January lows, finds a strong position near the 50-day Simple Moving Average (SMA) at $42,418. The declining trendline from the December highs of $52,100 acts as a strong resistance barrier for the bulls.
Source: Trade View
The price swing between the 50 and 200 SMA with clear downward and upward levels suggests the sideways movement in Bitcoin price.
Investors are confidently trying to crack the 50-day SMA and then flip to support to confirm the bullish bias for the pair. A decisive break above the bearish line would seek an 18% rise towards $52,000.
On the other hand, if the price falls below the said 50-day SMA, it could retest the $36,000 horizontal support line.
RSI: The Daily Relative Strength Index (RSI) is standing at 59, pointing to a bullish outlook for the pair.
MACD: The Moving Average Convergence Divergence (MACD) is trading above the midline with an upward trend.
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This post Bitcoin (BTC) Must Cross This Critical Threshold to Break $48,000
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