After recovering from the $37,000 level, Bitcoin’s journey took an interesting turn. BTC price has been mostly bullish for the past three weeks, with the coin continuing to post higher highs. However, in the previous three days, the king coin has retreated to $43,000.
BTC price action
On April 6, the price of Bitcoin dropped to $43,122, with the $42,995 level acting as strong support. The major currency’s bounce off a short-term support level convergence is anticipated to trigger a relief rally, resulting in short-term gains.
BTC was still trading above $43,000 at the time of writing. BTC hovered slightly below the important resistance level of $47,470 from March 29 to April 5, and then fell more than 10% in the following days.
BTC’s daily RSI fell, indicating that sellers are crowding out buying in the spot market. The MACD, on the other hand, remains bullish, having generated three consecutive bars of upward momentum and remaining in positive territory.
The road ahead at $50k
Bitcoin has potential to go higher if it recaptures the yearly open of $47,276, which it did last year. BTC price could rise in the short term, retesting the 200-day SMA at $48,249. The bears, on the other hand, will cautiously defend this strong resistance.
BTC could hit the $50,000 psychological milestone if bullish momentum regains steam. BTC could post a decisive close above the all-important $50K barrier if a large surge in buying demand is accompanied by a price surge in the near future.
Bitcoin recovered slightly from its drop below $43,100, according to data from Santiment. The data analytics website’s model showed a bullish divergence between the number of unique BTC traveling on its network and current market cap levels.
In addition, today saw the largest increase in whale transactions since April. 1,146 BTC were traded, with a total value of over $100,000. In the immediate term, another bullish price move could be seen if the whales start to accumulate.
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