- BTC’s price remains sluggish over $45K as the $47K barriers appear to prevent uptrends.
- Bitcoin has to close beyond the 200-day Simple Moving Average to support the bullish thesis.
Thursday’s American session recorded Bitcoin dropping marginally below $45,000. Such a move came as the leading crypto failed to keep the 200-day SMA. The best thing is that bulls did not take time to respond. With that, Bitcoin registered slight upward movements.
At the moment, the prominent crypto trades around $45,245 as buyers appear active to take Bitcoin above the 200-d SMA. Keep in mind that a close over this zone will prove the bulls’ dominance. Moreover, Bitcoin’s easier path seems upward regardless of the recent sluggish actions.
Is BTC’s Uptick Still Viable?
As Bitcoin has surged over the past sessions, will the trend maintain? According to the daily price chart, Bitcoin awaits an upcoming bullish formation that will boost BTC to increase. Remember, the 50 Simple Moving Average moves close to the 100-SMA. That shows a possible upside move.
Note that the 50-SMA crossing over the 100-SMA does not translate to a golden cross form. Nevertheless, it is still a bullish move that can trigger purchase orders to push the coin towards $50K.
Meanwhile, sellers created a line near the $47K level, challenging BTC’s campaign to $50,000. If the asset managed to break this barrier, bulls would overpower the resistance to take Bitcoin towards the $50K levels. After that, bulls might relax, waiting for the recovery to explode high to $55K. That way, Bitcoin can extend its upward leg to $60,000.
Fundstrat’s Tom Lee trust that Bitcoin will trade near $100,000 by the end of the year. In his recent forecast, Lee stated that BTC has room to recover and register new highs as the COVID-19 fears dim across the globe.
For now, BTC enthusiasts need to consider the 200 d SMA. If bulls can defend this level, they can shift their attention to the $50,000 mark. However, if Bitcoin losses this critical support, closing its day beneath might catalyze sell orders.
- Spot rate – $45,245
- Trend –Bullish
- Volatility – low
- Support level – 200-d SMA
- Resistance level – $47,000