By Nathan Ferguson
Briefly –
- Bitcoin trades on a 3-month high at $48K.
- Settling over the 200-day Simple Moving Average (SMA) appears to brace bulls for surges past $50K.
- Enough momentum to break over $50K will have bulls focusing on $60K.
The weekend sessions had Bitcoin making an additional stride, aiming at $50K. The last week’s trend came to a standstill at $47K, where bearishness took over.
The correction that followed saw Bitcoin plunging beneath the $45K support, shown by the 200-d SMA. Meanwhile, buyers’ congestion at $44K supported another upside move, climaxing at $48K.
Bitcoin (BTC) Rally
Meanwhile, the 200 SMA support remains critical for the leading cryptocurrency to resume its uptrends. While writing this content, Bitcoin trades near $47,415. The $48,000 level has capped the asset’s immediate upswing.
With enough market strength to trade over the resistance, Bitcoin will head towards $50,000. Bulls might have to battle to claim this level. Meanwhile, an additional break past $50,000 might translate to massive gains. Market analysts speculate that the dominant crypto will rise to the $60,000 mark.
BTC-USD Daily Chart
The Relative Strength Index suggests an overbought scenario for Bitcoin. That shows the buyer’s opportunity to fight and register another upside move. Hence, the $60K narrative.
The MACD still maintains bullishness. With the correct sentiments to keep the momentum index on an upside outlook, bulls will undeniably take the currency to the $60,000 levels.
Meanwhile, the moving averages show an upcoming bullish pattern. The 50-d SMA crossing the 100-d SMA supports the anticipated surges. As much as this isn’t a golden cross, it shows that Bitcoin has higher chances to break past $50,000.
Meanwhile, positive developments in the market might support Bitcoin towards the $60,000 levels. The leading crypto has seen acceptance in various sectors since the start of the year. Besides El Salvador, Argentina president Alberto Fernandez declared that he could accept BTC as a legal tender last week. The leader stated that his country joins other nations on the globe discussing the credibility of crypto. However, Fernandez admitted having limited knowledge as far as crypto is concerned.
BTC Intraday Levels
- Spot rate – $47,500
- Trend – Bullish
- Volatility – Low
- Support level – 200 SMA and $44K
- Resistance level – $48K and $50K