After recovering from the $37000 level, Bitcoin’s journey took an interesting turn. BTC price has been mostly bullish over the last three weeks, with the coin continuing to record greater highs. However, in the previous three days, the king coin has retracted its steps back to $43000.
BTC Price Action
On April 6, Bitcoin price fell to $43,122, with the $42,995 level acting as a strong support. The top coin’s bounce at a convergence of short-term support levels is predicted to trigger a relief rally, resulting in short-term gains.
BTC was still trading above $43,000 at the time of writing.BTC oscillated slightly beneath the important $47,470 resistance level from March 29 to April 5, then dropped over 10% in the following days.
BTC’s daily RSI dropped, indicating that sellers are displacing buying in the spot market. The MACD, on the other hand, remains bullish, having generated three consecutive higher momentum bars and remaining in positive territory.
The Road Ahead To $50k
Bitcoin has a potential to rise if it reclaims the yearly open of $47,276, which it did last year. The price of BTC could rise in the near term, retesting the 200-day SMA at $48,249. Bears, on the other hand, will cautiously defend this strong resistance.
BTC could reach the $50,000 psychological milestone if bullish momentum regains strength. BTC might post a decisive close over the important $50K barrier if a huge surge in purchasing demand is accompanied by a price rise in the near future.
Bitcoin had rebounded slightly from its plunge below $43.1K, according to Santiment data. The model of the data analytics website showed a bullish divergence between the number of unique BTC travelling on its network and current market capitalization levels.
Furthermore, today saw the largest increase in whale transactions since April. There were 1,146 BTC exchanged, with a total value of more than $100,000.In the immediate term, another bullish price movement could be seen if whales begin to accumulate.
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Source: https://coinpedia.org/altcoin/btc-price-analysis-this-is-how-bitcoin-price-will-head-to-50k/