Bitcoin saw its price retesting the support area at $46,000 before gradual rises. For now, the token has to maintain its actions beyond the $47,500 mark to support stable upsurges.
Critical resistance levels – $52K, $54K, and $56K
Critical support levels – $44K, $42K, and $40K
BTC-USD Daily Chart
Currently, BTC/USD appears to recover from the support area at $46,537. Meanwhile, the world’s favorite token has to cross over the 9- and 21-day Moving Average to ensure a sustained upside move. According to the daily price chart, BTC hasn’t crossed over the 9-day Moving average. That means that BTC might plunge to retest the support at $46,000 again.
Will BTC Move Higher? – Price Prediction
The daily chart shows Bitcoin nearing the 21-day Moving Average as we enter another month. For now, the dominant crypto extends its convergence over the critical levels of $47,000. The Relative Strength Index moves over the 55-level as it attempts northward progress. That supports bullish momentum soon.
Meanwhile, the token’s initial massive resistance lies at $48K. Therefore, if BTC manages to trade above $50K, it will have its following resistance levels at $52K, $54K, and $56K. Meanwhile, weak momentum for the asset to overpower the $47K resistance will translate to another downtrend. That will send Bitcoin down towards its nearest support level of $46K. If bears take control to breach the $45.5K and $45,000K supports, Bitcoin might sustain drastic plummets towards the supports located at $44K, $42K, and $40K.
BTC/USD 4-Hr Chart
According to the BTC’s 4-hr chart, the asset trades in sideways movements. Meanwhile, the leading coin appears to cross beneath the 9- and 21-day MAs. Maximized bearish actions will see the crypto hitting the critical support at $46.5K and beneath.
However, the recent rebound shows that BTC has a clear path to move over the $47.5K resistance. If Bitcoin manages to climb over this resistance, more efforts will witness it at the resistance around $48.5K and above. However, the token has higher possibilities of bears’ infestation.
Do you think that BTC will extend its actions beyond the $47.5K mark? You can share your thoughts below.