- The breakout rally would surge the BTC prices closer to $50K.
- The BTC price jumps above the 20-day EMA.
- The 24-hour trading volume of Bitcoin is $19.15 Billion, marking an 8.73% rise.
Past Performance of BTC
Bitcoin prices have exhibited remarkable recovery, surpassing multiple bearish milestones. The recovery rally exceeds multiple bearish milestones. The BTC value has declined from the overhead resistance at $45K three times in the last few months. Can we see a sustained bullish rally?
Technical Analysis
This BTC value is striving for a second attempt at breaking the crucial resistance of $45K. This comes with the $42K resistance breakout, as mentioned in our previous analysis. If it succeeds, breaking the supply zone of $48K could be soon, and an attempt could be made to test $50K.
In conclusion, Bitcoin’s route towards the $50K to $60K channel in the more extended time frames is characterized by the supply zone of $48K, which is a significant resistance zone.
The BTC market price surpasses the 200-day EMA projecting a boom in underlying bullishness and teasing a potential rally to the $48K supply area.
Relative Strength Indicator: The RSI slope approaches the overbought boundary at 70%, indicating a boom underlying buying pressure.
MACD Indicator: The MACD and signal lines continue the upward trend in the positive territory. Furthermore, the MACD histograms showcase a rising bullish trend projecting a boom in underlying bullishness.
Onchain Analysis
The GIOM indicator shows close to 70% of HODLers make a profit with the BTC price close to the $45K mark. The on-chain clusters project an upcoming bearish zone ranging from $45K to $48K. Moreover, the “at the money” group till $45K will be shortly surpassed, marking a bullish milestone.
Sentiment Analysis
The Fear & Greed index is a valuable tool for measuring overall sentiment in the crypto market. Last week, the sentiment level was close to 30, reflecting the fear. However, improved market conditions are evident in the rising levels, reflecting neutrality among bulls and bears. Nonetheless, the recovery adds points to the bullish team.
In a nutshell, the BTC technical analysis shows bullish breakout signs as buyers gain confidence after weeks of bearish tension.
The recent bull cycle from the support trendline has driven the BTC price above the $42K mark, registering a 15% gain last fortnight. However, the increasing buying pressure would pump the BTC price by another 7% to 12%, hitting the $50K crucial resistance.
Alternatively, if sellers revert the BTC price from $45000 resistance, the retracement phase would continue for a few more sessions.
Support Levels: $42000 and $45000
Resistance Levels: $48000 and $50000
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