Bitcoin Hit $48K; Will BTC Price Smash $50k Level?
Bitcoin has made a strong comeback this week, reaching $48,207 – its highest level since early January. This impressive rise comes after weeks of lacklustre trading, weighed down by worries about institutional outflows and a post-ETF price drop.
Bitcoin ETF and halving are some of the factors that are driving the recent surge in Bitcoin price. The long-awaited launch of spot Bitcoin ETFs in January has created a positive impact on the market, as more investors are interested in these new investment vehicles.
Another factor that is boosting the bullish sentiment is the anticipation of the Bitcoin halving, which is expected to happen in May 2024. This event will reduce the rate of new Bitcoin creation by 50%, creating a scarcity effect that has historically led to price increases.
The price action of Bitcoin also reflects a clear bullish sentiment, with an endeavour to reach a significant level of $50k. This upward drive suggests a potential for further growth in BTC price. This optimistic trend signals that buyers might maintain their long positions in anticipation of further gains.
At press, Bitcoin is trading at the price of $47,276, with an intraday drop of 1.06% in the last 24 hours. BTC’s crypto price exhibited a strong uptrend momentum during the last trading session. The BTC crypto price managed to sustain above the key Moving Averages.
BTC crypto has experienced steady growth over the past three months, with gains of 27.50% and 1.44% in the last month. If the price holds the current level then Bitcoin’s price may continue upward, aiming for targets of $50k in upcoming sessions.
Bitcoin Price Indicators Analysis
Source: Tradingview
Bollinger Band: The rise in the top line of the Bollinger Band indicator shows the intense buying momentum in the market.
Average Directional Index: The rising ADX value at 16% reflects the bulls have sufficient momentum for high growth.
MACD: BTC indicates a bullish trend, according to the MACD indicator. This means that traders are buying more and pushing its price higher.
Exponential Moving Average: The BTC price above 50 and 200-day EMA supporting the bullish trend.
RSI: The RSI curve is at 71.90 points, with the 14-day SMA above the median line at 56.97 points, confirming bullish sentiment.
Conclusion
Bitcoin technical indicators including MACD, RSI, and EMA are signalling a bullish trend. Moreover, the present price action favours bullish prospects, exercising caution and avoiding FOMO is recommended.
Technical Support and Resistance level
Support levels: S1 = $45478 and S2 = $44455
Resistance levels: R1 = $48250 and R2 = $49,100.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
