Bitcoin price overview: BTC/USD draws a line at $5,000; the upside is still limited
|- Bitcoin is trading at $5,022.89 and is below the 50 SMA-hour 100 SMA 1-hour.
- BTC/USD must correct above $5,200 breakout point for a continued uptrend towards $5,400.
Bitcoin is holding tight to $5,000 level following the overarching losses witnessed yesterday. The reversal took place as soon as BTC/USD stepped above $5,400. The decline was unstoppable at various support levels including the trendline and $5,200. There was a drop below $5,000, however, it was short-lived as the buyers fought to pull back.
At present, Bitcoin is trading at $5,022.89 and is below the 50 SMA-hour 100 SMA 1-hour. Consolidation above $5,000 level is expected to take center stage in the coming sessions. According to the Relative Strength Index (RSI) motionless at 44.44, bullish pressure is equal to bear pressure. This means that the market is indecision and can go either direction depending on the force that breaks out first.
However, it essential to note that the moving average convergence divergence (MACD) is revamping the direction upwards to show that the trend is leaning more to the bullish side. BTC/USD must correct above $5,200 breakout point for a continued uptrend towards $5,400. Meanwhile, staying above $5,000 will prevent declines that are likely to test $4,800.
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