The crypto space is facing certain bearish actions. The global crypto market capitalization and trading volume both plunged by 2.09% and 13.60%, respectively. Meanwhile, the recent CPI rates, which remain unchanged, have propelled the markets as the Bitcoin price made a steep shift beyond $42,000, marking a giant recovery. While the price is struggling hard to sustain above the gains, a daily close above certain levels may validate a healthy upswing from the bearish claws.
In the short term, the BTC price is hovering between the higher and lower ranges of $39,575 and $44,800. The bulls have been failing to push the price above these levels, while the bears have also failed to drag it lower to the support level. Therefore, the bull’s impact on the price has become more evident as the selling pressure has also been exhausted to a large extent. Therefore, a bullish crossover appears to be imminent, but only after certain levels are achieved until the daily close.
The bitcoin price underwent a bearish correction after marking the highs and constantly fell short of surpassing the previous minor highs. Further, the price headed towards the lower support but rebounded before testing these levels. Currently, the bulls appear to be in control, as less bearish pressure is seen. Besides, the DMI remains uncertain as the ADX is stuck between triggering a bearish divergence and trading sideways.
Therefore, the Bitcoin price is expected to hover between $43,500 and $41,700 for another couple of days until the bulls trigger a bullish breakout beyond the yearly highs at $44,800. Until then, the price is required to hold the levels above $42,510 until the day’s close to validate a bullish trajectory; otherwise, the bears are expected to intensify their action.
Source: https://coinpedia.org/price-analysis/bitcoin-bulls-remain-in-control-here-are-the-pivotal-levels-that-btc-price-must-reach-before-the-daily-close/