After the recent unpredictable moves, BTC managed to settle over the 20-EMA, attempting to overcome the resistance zone at $48,000.
Bitcoin Maintains Momentum
Bitcoin (BTC) managed to rally past the $48,000 resistance and extend its price actions towards the crucial psychological level at $50,000. At the same time, ETH surged over the resistance level at $3,600, attempting to gain massive upside momentum.
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Meanwhile, alternative coins such as XRP and DOGE failed to show considerable momentum as traders’ interests seem directed to Ethereum and Bitcoin at the moment. With such reactions, Bitcoin dominance over altcoins remains around 41%. BTC’s latest rebound did not provide considerable support to the coin’s market share, suggesting that investors’ interest in alts remains strong.
Technical Analysis
Bitcoin appears on a surging mode as its tries to maintain over the $48,000 resistance zone. The Relative Strength Index settles in the moderate region, with a higher probability of gaining an uptrend momentum with the correct sentiments.
If the leading digital coin succeeds in testing the resistance zone at $48,000, it will clear the road to the 2nd resistance zone at $50,000. If massive bullish actions push BTC over the $50,000 resistance, the asset will attract sidelined investors. That would take Bitcoin towards the following resistance around the $51,500 levels.
Conquering this obstacle will take Bitcoin to $53,000. If the market conditions allow BTC to settle beyond this zone, the coin will surge to the resistance at $55,000. However, the correct sentiments need to emerge for BTC to maintain its upside outlook to accomplish the projected upswings.
On the other hand, the flagship crypto needs to drop beneath $48,000 support for a downswing momentum in the short term. Bitcoin’s next support locates at $47,300 and the 20 exponential moving average.
If BTC plummets beneath the 20-EMA, it will move to the support area at $46,000. If bulls fail to step up, the crypto will drop towards the support zone at the 50-EMA around $45,500. In cases where BTC slide beneath the 50-EMA, it will see continuous downswings towards $44,000 support.
Do you think that the market has the catalysts needed to take Bitcoin higher? You can share your thoughts in the section below.
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