Bitcoin price extends the previous session gains on the weekends. The price consolidates in a very tight range above the 200-EMA. Investors are waiting for confirmation before taking up aggressive bids.
- Bitcoin price trades with minimal gains on Saturday.
- Some retracement is expected in BTC as the bulls remain pressured below $48,000.
- BTC price locks 4% gains on a weekly basis.
Bitcoin price consolidates
On the daily chart, the Bitcoin price surged 21% from the lows of 37,560.40 made on March 14. The asset tested 3-month highs at $48,240.0 on Thursday. However, the bulls lack the conviction or are unwilling to carry forward the gains beyond the said level. In the recent pullback, BTC price revisited the critical 200-day EMA (Exponential Moving Average) at $44,796.98.
But the downside seem limited as the price bounced back with a 5% gain in two sessions. This, suggest the bulls are not in a mood to give up easily either. So, for now, BTC slides in a trading range of $45,000 and $48,000.
An acceptance above $48,000 amid sustained buying pressure would make traders hopeful. On moving higher, the first upside target could be located at the psychological $50,000. Next, market participants would likely recapture the horizontal resistance level at $52,500.
On the contrary, if the price fails to hold the session’s low then it would invalidate the bullish outlook for BTC price in the short-term. In that case, investors will collect the liquidity at the support level found at $42,500.
As of publication time, BTC/USD is trading at $46,625.90, up 0.75% for the day. The 24-hour trading volume of the largest cryptocurrency by market cap is standing at $34,123,056,256 with a loss of 17% as reported by CoinMarketCap.
Technical indicators:
RSI: The daily Relative Strength Index oscillates near the average line with a neutral stance. It reads at 60.
MACD: The Moving Average Convergence Divergence stands above the central line but with a receding bullish 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-remains-pressured-below-48000-hold-or-exit/