The broader crypto space is once again plunging into a downtrend that squeezes the global market capitalization by nearly 1.91%. Most of the cryptocurrencies maintained a noticeable downward trend throughout the past weekend. Currently, Bitcoin price is attempting to recapture gains from the lows around $41,600. However, the asset saw a minute reversal from the lows and is hovering just above the lower levels. However, the possibility of a deep drop has not been completely eliminated.
Bitcoin (BTC) Price Analysis
Bitcoin price was following a notable downtrend and plunged almost 10% from monthly highs above $45,800. In the long to medium term, BTC price shows the possibility of a notable uptrend waiting for in front. The affirmation on all time horizons manifests the probability of rising more than 10% during the week and eventually breaking the crucial target around $45,000.
BTC price is trending inside a notable falling wedge. The asset in the recent past has trended within very tight keys indicating the possibility of sinking towards lower levels. However, with the recent jump, the asset showed the possibility of changing the downtrend. To be sure, at press time, the BTC price is crashing hard, but it seems that a sharp reversal is pre-programmed. The next break can push the price above the local resistance at $45,549 to reach the important resistance at $48,000.
Technical analysis and pivot levels
Indicators and Pivot LevelsValue (Short-Term)Stock (Short-Term)Relative Strength Index (RSI)50.79NeutralMACD-101.13Average Directional Index Sell(ADX)40.7SellAverage True Value(ATR)312.73High Volatility Moving Average(MA)- 50$42,326.5SellMoving Average(MA)-200$43,108Sell resistance $43,843–Support$41,161–
The price of Bitcoin in the short term is showing a neutral trend, since it seems that the asset is not ready to make quick decisions. The RSI is within the average range but maintains an uptrend. On the other hand, the MACD is about to give out a buy signal and until then the price is expected to move around these levels.
ADX, the indicator of strength, is running low and so even if the asset turns around, it may hold a minor uptrend, but the chances of a bull run are negative. However, the volatility indicator, ATR, indicates that the asset is highly volatile. Therefore, the price of Bitcoin tends to change drastically in a short period of time, regardless of the direction.
Hitting pivot levels, BTC price is testing the crucial 50-day MA levels on the STF which may pave the way to test the 200-day MA levels. And finally hit the resistance at $43,800, which can start the rally to the crucial levels at $45,000. Once these levels are secured, then the strong long-term resistance around $48,000 may not be very clear.
This post This is when the price of BTC will exceed $45K! Bitcoin will repeat this price movement!
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