in

BTC almost brushes shoulders with $50,000 but gets rejected as $43,000 beckons

BlackRock & Barclays Share Contrasting Views on Bitcoin (BTC), Institutional Game Getting Interesting


advertisement


  • Bitcoin suffers a rejection within a whisker of $50,000 as the bullish weekend session turns bearish.
  • BTC may freefall toward $43,000 if the 50 SMA support fails to hold.
  • The flagship cryptocurrency will resume the uptrend if the channel’s middle boundary support is reclaimed.

Bitcoin nearly hit $50,000 for the first time in history during the weekend session. However, the bullish leg was rejected at $49,625, calling out to sellers to come and get their shot. A correction from the new all-time high is underway at the time of writing, which could see the bellwether cryptocurrency tumble to $43,000.

Since February started, BTC has been trading within the confines of an ascending parallel channel. The upper boundary has continued to limit price movement, while the lower edge has ensured that Bitcoin’s downside has been protected.

Meanwhile, the record highs’ rejection has lost the channel’s middle-level support, which adds credence to the bearish outlook. BTC is trading at $47,175 while seeking immediate support at the 50 Simple Moving Average.

Similarly, the Moving Average Convergence Divergence (MACD) trend shows that sellers have more influence. The indicators’ retreat from 2,515 signaled that the uptrend was getting exhausted. Additionally, the MACD line (blue) cross under the signal line confirmed the bearish outlook, implying that it was time to sell the top, at least for now.

BTC/USD 4-hour chart

BTC/USD price chart
  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • reddit
  • Tumblr
BTC/USD price chart by Tradingview

If the 50 SMA support on the 4-hour chart fails to hold, the pioneer cryptocurrency may drop further in search of another support. The ascending channel’s lower edge will play a key role in absorbing the selling pressure and perhaps restarting the uptrend.

Closing the day above the 50 SMA will also be a bullish signal, while trading above the middle boundary could boost Bitcoin above $50,000.

Bitcoin intraday levels

Spot rate: $47,073

Percentage change: -3.3%

Relative change: -1,580

Trend: Bearish

Volatility: High

To keep track of DeFi updates in real time, check out our DeFi news feed Here.



Share on Facebook



Share on Twitter



Share on Linkedin



Share on Telegram



Source link

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Loading…

0

What do you think?

Bitcoin Price

TA: Bitcoin Dips $2K, Why BTC Could Bounce Back From $45K

Altcoin Daily host Austin Arnold has updated followers on a handful of crypto-assets he thinks are about to take off.

Altcoin Daily host Austin Arnold has updated followers on a handful of crypto-assets he thinks are about to take off.