Bitcoin’s (BTC) price has maintained its short-term bullish outlook even price could not sustain or move beyond $45k. AS bulls took a breather near the higher levels and could test the key support levels ahead of continuing the uptrend.
Bitcoin (BTC) price registers minimal gains on the weekend.
BTC may retrace lower as the largest cryptocurrency seeks a higher target.
Sellers remained active after buyers failed to defend $45k this week.
As of writing, BTC/USD is trading at $42,643.4, down 0.63% for the day. The 24-hour volume records at $18,851,376,829 with a fall of more than 25% according to the CoinMarketCap data.
Source: Trading view
On the daily chart, Bitcoin’s (BTC) price has stabilized near the current levels after testing the highs of $45,855.00 on February 10. Despite the underlying strength, BTC may test lower levels as the bulls seem a little exhausted here.
The price is already found solace at the crucial 50-day Simple Moving Average (SMA) at $42,253.67 followed by the lower range of the consolidation near $35,800.
The Daily Relative Strength Index (RSI) reads at 53, which corresponds to the recent mild correction in price.
Furthermore, a rise in the bullish sentiment could prompt the investors to tag the $48,000 horizontal resistance line, bisecting the prevailing crucial support-turn-resistance level.
Another momentum indicator,the Moving Average Convergence Divergence (MACD), gauges the velocity of any directional trend trades above the midline. This suggests that there are still more buyers than sellers in the market.
Bitcoin price may be next keeping eye on the psychological $52,000, levels are last seen in September.
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