Bitcoin (BTC) continued with gains for a 3rd successive session. The crypto opened low but quick recoveries had it testing the session’s peak. Moreover, the current outlook shows bulls ready for extended dominance.
- Bitcoin edges high but highlights range-bound conditions.
- A close past 200-exponential moving average will see BTC climbing to $52,000.
- Bitcoin has exhibited an ascending trend-line since 24 February.
BTC Price Keeps Northward Moves
The daily price chart shows BTC on an ascending trend-channel since 24 February. However, market players flipped the critical $43K.
Bitcoin gained 40% after testing its record lows of $32,933.33 in January. The gains gad its toppling the $45,844 mark. Bitcoin has to overpower two resistance obstacles to continue its upside moves.
Also, the price remained pressured beneath the 200-Exponential Moving Average of around $45,552.8. That leads to a double top setup. For now, bulls should strive for a close beyond this area.
An acceptance beyond $45,550 will clear roads for more gains for the bellwether crypto. The initial target to the upward sat at 448K. Buying pressure resurgence will push BTC towards $52K.
Contrarily, Bitcoin price dropping beneath the session low will see the coin dipping to consolidation phase again. Meanwhile, BTC’s initial downside target might be $39,000. Weakness in this area will see Bitcoin exploring the $32,933.33 January lows.
Bitcoin changed hands around $43,075, at this writing, following a 0.38% 24hr gain. Moreover, the world’s dominant crypto by market cap has a 24hr trading volume of around $28,394,683 (Coinmarketcap data).
Bitcoin Technical Indicators
- Relative Strength Index
The daily RSI oscillates around the average level with an optimistic bias, standing around the 58-mark.
- Moving Average Convergence Divergence
The MACD moves beyond the midline with enhanced upside momentum.
- Trading Volume
The volume backs the latest price action. The on-balance volume indicator approaches the overbought territory.
Meanwhile, some market players took advantage of the dip to bag crypto assets. LUNA co-founder Do Kwon declared the network’s plans to purchase $10B in Bitcoin. Indeed, the leading crypto faces increased adoption.
Moreover, Binance’s CZ tweeted about being late purchasing BTC. Also, God’s plan hitmaker Drake donated $1M in BTC to LJFF (LeBron James Family Foundation).
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