Bitcoin’s Price Analysis Suggests it may Rise to $52,088 or Dip to $30,000
The data surrounding Bitcoin (BTC) suggests that for the past few days, its price has been hovering near the $44,181 per BTC figure. Unfortunately, Bitcoin has not managed to hit the particular figure and the bulls have been trying hard to make that happen.
The data from TradingView shows that $44,181 is the 20-day EMA for Bitcoin and the bears are exerting a lot of pressure to pull BTC price lower. With the current situation of the cryptocurrency market, Bitcoin is still moving within the negative zone.
The data suggest that Bitcoin is still hovering in the negative zone and the bears may have the upper hand against the bulls. Still, the bulls may try giving a hard time to the bears and they may continue pushing with their buying power.
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The data suggests that the bulls are not ready to give up on their efforts and let the bears pull the price of Bitcoin any further. Therefore, the price of Bitcoin may end up moving in a higher direction in the upcoming days.
At the time of writing, the price of Bitcoin is at $41,799.59, which is a low figure for the largest cryptocurrency. The data suggests that in the upcoming days if the bulls manage to push the price of BTC over the $41,799.59 price, they may succeed in pushing its price higher.
As of now, the $41,799.59 figure is the first strong resistance mark. In the upcoming days, the bulls may attempt to push the price of BTC over the $45,456 figure. At present, the $45,456 per BTC price is the 20-day EMA for BTC.
If the bulls manage to push BTC over the 20-day EMA, they will then eye the $47,680 per BTC figure, which is the 50-day SMA. This would be a very significant moment for the investors as it would give them the opportunity to increase their buying pressure in order to push its price higher.
With high sentiments and confidence, the investors will be able to push the price of Bitcoin higher. In that case, the price of Bitcoin will move higher to $52,088.
Then it is the negative trend for Bitcoin that may become a problem for the investors. It is expected that if the investors keep losing their sentiments, the price of Bitcoin may continue experiencing a downtrend.
If the bears manage to increase selling pressure, they may succeed in pulling BTC’s price below the 20-day EMA. In that case, the price of Bitcoin may continue falling and may fall below the $39,600 (strong support mark) for Bitcoin.
From that point, if the bears continue increasing their selling pressure, they would be able to pull BTC’s price all the way down to $30,000.
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