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Bitcoin bulls continue to push the price trying to reach the $48,000 level

Bitcoin bulls continue to push the price trying to reach the $48,000 level

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Answer Bitcoin bulls continue to push the price trying to reach the $48,000 level

Bitcoin price surged above $44,000 after bulls defended support at $40,000 throughout the weekend.

Bulls eyes focus on the $48,000 level, but first the 200-day and 50-day barriers must be crossed.

Bitcoin remained stable above $40K over the weekend.

Buyers were able to raise the largest cryptocurrency above $42,000 and close the gap to $44,000.

At the time of writing this article, the leading cryptocurrency was fluctuating around the $44,000 level while the bulls were fighting to ensure daily and weekly Bitcoin closes above $45,000 and $46,000, respectively.

Bitcoin price prepares to close the gap to $48,000:

In the chart below, the green zone acts as the biggest massive support for nearly a week, almost ensuring that the dips don’t extend below $40K.

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In addition, the 100-day simple moving average (SMA) was set in place, consolidating the bid congestion area.

Now a confirmed support is required above $44,000.

With many buyers, Bitcoin is expected to start working and move towards the $48,000 level.

It is worth noting that the 200-day simple moving average and the 50-day simple moving average are stumbling blocks in the way of bitcoin reaching $48,000.

Bitcoin vs dollar daily chart

The chart shows that traders are expecting a buy signal from the Moving Average Convergence Divergence (MACD), possibly in the later sessions.

As the 12-day EMA crosses the 26-day EMA, the odds are that the bulls will benefit, thus, lifting Bitcoin towards the major resistance area in red as shown in the chart above.

It seems that buyers already have the upper hand with the Relative Strength Index (RSI) rising towards the mid-line and looking into the overbought territory.

Trading above $45,000 and $46,000 will confirm the bullish outlook.

Some investors have chosen to remain upwardly cautious, especially with China launching yet another crackdown on cryptocurrencies led by ten government agencies.

Read:By order of the Venezuelan President… Airlines are obligated to pay for fuel in the digital “petro” currency

Important Bitcoin Levels Today:

  • Spot price: $43,750
  • Direction: upward.
  • Volatility: low.
  • Support: 100-day simple moving average and $40K.
  • Resistance: the 200-day simple moving average and $48,000.

Read also:

Canadian Securities Regulators Warn of Misleading Ads from Cryptocurrency Exchanges

Report: More than 10 new cryptocurrencies launched daily


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