With Bitcoin safely in the $48,000 price zone, the bulls have failed to break above that region as they seek to take the price towards the next resistance level. Presently, Bitcoin is trading around the same price mark with a new resistance set at the $48,000 price region.
The price is also moving with the $44,000 and $48,000 price range as the indecisiveness on the part of the traders is showing through the short candlesticks that have riddled the chart. Presently, the market is moving up and down in a sharp trend as buyers and sellers are slugging it out to push the coin’s price higher and lower.
Bitcoin needs to break above the $48,000 level
As it stands now, Bitcoin is presently looking to break above the $48,000 resistance price mark, with the digital asset having its first support down below at $44,000. With the digital asset hoping to consolidate on its previous price, the bulls would be hoping to take charge of the market and push it above the resistance figure. If the bulls eventually attain success in their push, Bitcoin would touch the next milestone at $50,000. If the $50,000 price mark also shows signs of resistance, the digital asset could look to bank on the bulls to push it to $60,000.
If the digital asset fails to break above the previous highs, then the bears could crash the party and push the price of the leading digital asset down below. If the bears break below the support level at $44,000, the asset would be hoping that the bulls will be ready at the $41,000 price mark to support its price. And if the bulls fail to support it at that level, we could witness another drop to a region of around $39,000 to signify a massive loss from the current price.
The bulls are ready to push the price above the resistance level
The Relative Strength Index of the asset is presently around 70 levels, and it shows that the digital asset is primed for a move in the upwards direction. Also, both the 21 day and 50 day moving average has shown that the price is northbound, which signifies that the bulls are presently trying to take the market in an upward direction. With the price of the asset way above both SMAs, it means that Bitcoin is already in a safe zone, and it is just a matter of when the bulls are ready to push it.
In the Relative Strength Index (14), Bitcoin has been able to hit the 71 level, which shows that the asset is closing in on an upside move. Bitcoin is on its way to make the surge that has been predicted as the asset is trying to close in and break above the $48,000 price mark. In a recent market analysis, the asset touched the 78.6 Fibonacci retracement level, which shows that a price surge is on its way. This means that Bitcoin will break above the resistance and rise way to touch the $51,000 price region and make a small decline.