Bitcoin price prediction: Bearish hold limits BTC/USD under $54K
Bitcoin price predictions are going up as the price hovers around $53,396.
BTC/USD is challenging the upper Bollinger Band with a positive outlook.
The critical support of $50,000 is the price support for volatility.
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The bitcoin price started the new week on a positive note. The price is moving above critical support at $50,000, providing an important defense against any sell-off rally. The bulls are pushing the price near the upper Bollinger Band towards the upper resistance at $55,000. Rising volatility threatens a bullish rally and there could be some short selling, according to bitcoin price forecasts.
Moreover, increased liquidity would lead to even greater volatility and could block recovery efforts. Today’s high at $54,440 was met with selling pressure. Since then the pair has fallen back to a low of $52,629 and is trying to stabilize within the Bollinger Bands. On the daily charts, bitcoin seems to have stopped selling, with the price stabilizing around $50,000.
The recent correction eliminated some highly leveraged traders and reduced the March bull run. This is also confirmed by the Crypto Fear and Greed Index, which shows a decline on the charts. According to bitcoin price forecasts, the correction is also a hoarding opportunity for traders who have been waiting on the sidelines.
Bitcoin price movements in the last 24 hours Beginning of next accumulation phase ?
The stability at $50,000 is reflected in the volume. Traders are buying and long orders are slowly coming back into the market. It remains to be seen if this will be another accumulation phase, as the pivot points are well supported by the lower levels of $47,000 and $45,000.
The BTC/USD pair is trading within a predictable Bollinger Band range of $48.223 to $54.170. Today’s small breakout has released the downward pressure on this pair. The push also led to a new use of the bullpen. Any aggressive rise in the price of BTC could hurt the bears very quickly, and they may have to give up their short positions.
The minimum trade-in amount is $46,980. The US shows that the bears have made a significant correction in the current rally. The pivot point is the simple moving average of the 50-day line, and the price should easily be able to resist further downward pressure. Predictive studies of the bitcoin price show that bulls are slowly coming out of the woodwork to accumulate at current levels and are ready to place more buy orders if the price falls further.
A convergence of bullish technical indicators creates a new buying wave. The RSI is currently at 58 and is climbing back up after a low of 40. The 20-day exponential moving average is declining, indicating that declines continue to have a significant impact on the market. Selling pressure could resurface at $55,380, where a profitable booking could halt the BTC/USD pair, in line with bitcoin’s price expectations.
An aggressive retracement of the 20-day EMA indicates that the pair is in a solid bearish position. The bearish outlook is also confirmed by the MACD technical indicator, which is currently in a neutral trend. The pair could quickly slide towards $43,000 if downward pressure increases significantly. A correction could also force the pair to reverse its bullish outlook on the hourly chart.
The lower highs also show that the bulls are under pressure. There are green candlesticks on the charts, but they are short and do not yet fully confirm the pair’s uptrend. The bulls will need to push the pair higher on volume to break above the $61,800 level and make new highs.
Bitcoin price forecast Conclusion: Bears hold upper arm
Despite recent gains on the hourly charts, the BTC/USD pair is in a downward spiral, according to bitcoin price forecasts. The pair needs to break above the resistance at $55,380 and then at $58,290 to mark a clear uptrend. Moreover, institutional buyers are still not present in the market, suggesting that they are looking for lower levels to buy the pair.
Most of the news came from the fundamental front, and now the pair is clearly looking for positive technical indicators to book further gains. According to bitcoin price prediction research, last week’s decline is not quite over, as the pair has not yet written a clear breakout scenario.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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