BTC price finds some solace after the two days of the continuous sell-off. After consolidating the price shows an increased selling pressure that pushed it toward the immediate support level.
- BTC’s price manages to sustain to pause the previous sell-off.
- More downside toward $40,000 cannot be ruled out if falls below the 50-day EMA.
- A quick recovery above $45,000 could prematurely send BTC to retest $48,000.
As of publication time, BTC/USD is trading at $43,507.98, up 0.81% for the day. The largest and most famous cryptocurrency by market cap is holding a 24-hour trading volume at $36,769,720,188 according to the CoinMarketCap.
BTC trades sideways
On the daily chart, the BTC price is hovering near the 50-day EMA (Exponential Moving Average) at $43,064.0. This stoppage in the price could be of great significance as it already sliced another critical moving average of the 200-EMA.
Now, if the price failed to sustain the session’s lower levels then it would hit the lows of March 22 at $40,885.19. Further, a sustained buying pressure could find the next support at $37,500.
On the contrary, consolidating near $43,700 could be a key in triggering another leg-up to $45,000. In addition to that, in a more optimistic bullish outlook, BTC’s price could extend and retest its swing highs of $48,124.94.
Now, if the BTC buyers are able to hold the level on a daily closing basis, next they would try to recapture the psychological $50,000.
BTC surged nearly 30% from the lows of $37,500 to the recent swing highs.
Technical indicators:
RSI: The daily Relative Strength Index struggles below the 50 mark after falling below the average line on April 4. This indicates the presence of selling pressure.
MACD: The Moving Average Convergence and Divergence hovers below the midline with an increased downside momentum.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/bitcoin-price-prediction-btc-price-hovers-near-50-day-ema-is-40000-possible/