The crypto space since the beginning of April’s trade is showcasing very less volatility, exhibiting the possibility of erupting with huge numbers. The popular tokens are gaining strength as the global market capitalization stands above $1.88 trillion. And with th next leg up, the market cap is expected to regain levels above $2 trillion. However, to achieve this target Bitcoin’s (BTC) price is required to achieve its interim target at $45,000 first and $50,000 later.
The crypto-verse expects Bitcoin to undergo a massive rally as it is consolidating within healthy ranges. But huge possibilities of the asset trapping the bulls yet again at $45,000 as it did before, surface. As the technicals suggest a massive sell-off is fast approaching that may drag the BTC price towards the lower bottom around $35,000 very soon.
The above chart displays the BTC price maintaining within the descending triangle and hence the possibility of a price drain still hovers over the rally. No doubt the asset did attempt for a notable upswing but the rejection compelled the price to swing within the descending triangle. And hence the price may flip the lower support, where it is consolidating for the past couple of days.
An upswing from here may surge the BTC price towards the $45,000 mark which is the immediate and crucial resistance to hold. However, the star crypto may face another rejection that could slash the price towards the lower support close to $35,000, slicing through the $40,000 area.
As Bitcoin is holding this area firmly for the past couple of days and hence the strength at these levels may have faded largely. And hence may not hold in case of a BTC price reversal from the resistance zone.
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Source: https://coinpedia.org/price-analysis/bitcoin-price-is-about-to-move-a-big-win-in-coming-weeks-but-caution-traders-it-may-be-a-bull-trap/