Bitcoin stumbles at $48,000 as bulls regroup… Will the coin continue towards $52,000?
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Answer Bitcoin stumbles at $48,000 as bulls regroup… Will the coin continue towards $52,000?
Bitcoin’s uptrend is suffering from a delay in breaking the supply zone near $48,000, forcing the bulls to rally support above the 50-day simple moving average.
According to several technical analyzes, the uptrend is intact and Bitcoin will reach $52,000 if the Bitcoin bulls overcome the $48,000 resistance in the short term.
Bitcoin flipped green last Friday and added more than $5,000 to its value to trade around $48,000.
Prior to that, for more than a week, the cryptocurrency sought support and defended the $48,000 level.
The entire market gained momentum along with Bitcoin, with Ethereum breaking through the $3,200 level and closing the gap to $3,400.Read:The market capitalization of the Ethereum-based AMPL has increased by 5000%.
At the time of writing this article, Ethereum is trading at $3,362.
Cardano, the third largest cryptocurrency, is marginally above the $2.18 level, while Binance’s coin is trading at $415.
Bitcoin price fluctuates at $48,000 and investors are looking for $52,000:
The largest cryptocurrency gained further support as soon as it breached the $44,000 level on Friday.
The rise to $48,000 was sharp and fast, with bitcoin’s value growing more than 10% in just a few hours.
Bitcoin marginally lost strength above $48,000, within the supply zone marked in red in the chart below.
This area includes many sellers who are constantly trying to break even, thus reducing the impact of the bulls and their upward wave.
Resistance also explains the minor correction below $48,000, with Bitcoin oscillating at the $47,860 level.
It should be noted that buyers have a large influence, so the bounce appears to be healthy and disciplined.
Bitcoin daily chart highlights the immediate support provided by the 50 day simple moving average (SMA).
As long as this buyers focus area remains intact, we expect Bitcoin to keep pace with the upside, targeting $52,000 in the near term.Read:Here’s How Elon Musk’s Tweets Affect Bitcoin and Dogecoin Prices
In addition to the critical support, the MACD indicator is indicating a bullish outlook based on the daily chart.
Attention is currently directed to the $48000 thousand resistance and the daily closing above it, after which Bitcoin will continue its march towards the psychological level of 50 thousand dollars and then 52 thousand dollars.
Technical analysis adapted from Source.
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