- Bitcoin price rises above $44,000 after bulls defended support at $40,000 all weekend long.
- Bulls have eyes glued on the supply zone at $48,000, but first, the 200-day and the 50-day barriers must come down.
Bitcoin remained stable above $40,000 throughout the weekend. Buyers managed to lift the largest cryptocurrency above $42,000 and closed the gap to $44,000. At writing, the bellwether cryptocurrency is dancing slightly above $44,000 while bulls put a fight to ensure that BTC closes the day above $45,000 and $46,000, respectively.
Bitcoin Price Ready To Close Gap To $48,000
The green zone has function as the most formidable support for nearly a week, ensuring that declines do not stretch beneath $40,000. In addition, the 100-day Simple Moving Average (SMA) has been in place, cementing this buyer congestion zone.
Confirmed support is required above $44,000. With such a buyer concentration level in place, we expect Bitcoin to start working toward $48,000. It is worth remembering that the 200-day SMA and the 50-day SMA are stumbling blocks on the path to $48,000. Hence, delays should be expected. Nonetheless, with the right approach, bulls could quickly take down these hindrances.
BTC/USD Daily Chart
The chart shows that traders anticipate a buy signal from the Moving Average Convergence Divergence (MACD), possibly in the subsequent sessions. As the 12-day EMA crosses above the 26-day EMA, the odds will favor the bulls; thus, elevating BTC toward the key supply zone in red as shown on the chart.
Buyers seem to be having the upper hand already with the Relative Strength Index (RSI) lifting toward the midline and eyeing the overbought area. Trading above $45,000 and $46,000 would affirm the bullish outlook.
Some investors have chosen to remain bullishly cautious, especially with China having launched another crackdown on cryptocurrencies driven by ten state agencies. Therefore, this affirmation would most likely call them back to the market, as Bitcoin draws nigh to $48,000.
Bitcoin Intraday Levels
Spot rate: $44,050
Support: The 100-day SMA and $40,000
Resistance: The 200-day SMA and $48,000
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.