9 C
Amsterdam
29 March 2024
PumpMoonshot
Image default
Bitcoin

Bitcoin Price Prediction: BTC Falters At $48,000 As Bulls Regroup For The Next Run-up To $52,000

  • Bitcoin price uptrend suffers delay at the supply zone near $48,000, forcing bulls to rally support above the 50-day SMA.
  • The uptrend seems intact and would make it to $52,000 if BTC bulls overcome resistance at $48,000 in the short term.

Bitcoin flipped green last Friday and added more than $5,000 to its value to trade roughly above $48,000. Before this, the bellwether cryptocurrency had for more than a week sought and defended support at $48,000.

The entire market gained traction alongside Bitcoin, with Ethereum breaking above $3,200 and closing the gap to $3,400. At the time of writing, Ethereum is trading at $3,352. Cardano, the third-largest cryptocurrency, holds marginally above $2.8 while Binance Coin trades at $415. The rest of the market is painted red due to the corrections that occurred during the weekend.

Bitcoin Price Uptrend Stalls At $48,000 But Investor Eye $52,000

The largest cryptocurrency gained more ground as soon as it flipped $44,000 into support on Friday, a move that we had predicted and explored several times. The upswing to $48,000 was sharp and quick, with BTC growing in value by more than 10% in a few hours.

The resistance also explains the minor correction under $48,000, whereby BTC is teetering at $47,760. It is worth mentioning that buyers have substantial influence; hence, the retracement seems healthy and controlled.

Advertisement

BTC’s daily chart highlights immediate support provided by the 50 Simple Moving Average (SMA). As long this buyer concentration zone remains intact, we expect Bitcoin to keep up with the uptrend, aiming for $52,000 in the near term.

BTC/USD Daily Chart

Live Chart

BTC/USD price chart
BTC/USD price chart by Tradingview

In addition to the crucial support, the Moving Average Convergence Divergence (MACD) has a bullish outlook based on the daily chart. This technical index sent a buy signal on September 30, for the first time since July.

At the time, Bitcoin gained tremendously to $52,967. If the buy signal remains in place, we expect BTC to overcome the hurdle at $48,000 and launch an assault mission on $50,000 head of the run-up to $52,000.

Advertisement

News Source

Related posts

Bitcoin Price Analysis Feb.22: Consolidation Time – Will BTC Be Able To Gain Momentum For a $4K Breakup?

PumpMoonshot

‘You might get fired if you don’t own Bitcoin’: CoinShares on CNBC

PumpMoonshot

Bitcoin Price Slips Below $3.8K as Bullish Bets Tank

PumpMoonshot
Verified by MonsterInsights