- Bitcoin price is currently observing a strong upside momentum and can soon cross above $50k in the future. It is trading with a gain of more than 2.5% in the intraday session.
- Technical indicators of BTC suggest a strong upside momentum in price. It may soon jump above the previous resistance.
Bitcoin price is currently looking to break above its previous resistance and jump for a new high. BTC price is currently near the value of $47900 and is up by more than 3% in the past 24 hours. The volume of Bitcoin along with the market cap suggests a strong upside momentum in price. Volume to market cap ratio for BTC hints towards a strong bullish momentum in price for the future. If the ratio climbs over 0.8 then a rally till $100k can be seen soon. One can invest in BTC according to their needs and risk adversity.
Bitcoin Price Looking To Jump Above The $50k Threshold
The weekly technical chart of Bitcoin price highlights a strong upside momentum in price for the future. On the daily chart, the BTC suggests a strong bullish trend for the future. The price of Bitcoin is currently trading above the 50 and 100 Daily Moving Average, with a positive crossover in the previous trading days. The 50 DMA line is near $45000 which may act as a temporary resistance in price. The bull trend may push the Bitcoin price above $48k. BTC price bullish momentum may face hostility near the value of $55k . In Contrast , the support of the coin price may be seen near $40k. If the coin price goes over $52k then a strong bullish momentum can be seen.
The volume of the BTC is near 36k hinting towards a strong upside momentum in price. There might be a surge in volume if the asset price jumps above $55k.
RSI (Positive): RSI for BTC is near 53 while suggesting a bearish momentum in price. There is a positive slope formation in the coin highlighting a positive trend in price . The overall sentiment of the RSI is bullish
Conclusion
Bitcoin price is currently observing a strong upside momentum and can soon see a new high.. One should do their due diligence before investing.
Technical Levels
Major Support:$42000
Major Resistance:$55000
Read more:Bitcoin Price Analysis: Bitcoin Continues To Rise To Break Above $50k
