Bitcoin braces for $48,000 as inverse head-and-shoulders favor BTC bulls

  • BTC/USD fades bounce off $36,192 while teasing the confirmation of a bullish chart pattern.
  • RBA official said Bitcoin not a payment instrument, it's not money.
  • Weekly support line, 100-bar SMA add to the downside filters.

BTC/USD eases to $37,100 during early Friday. Even so, the crypto major portrays a bullish chart formation on the four-hour (4H) play and is well keeping the uptrend, as per the MACD and RSI conditions.

The latest pullback could be traced from the downbeat comments from the Reserve Bank of Australia (RBA) official. The RBA assistant governor for financial systems, Michelle Bullock crossed wires recently while saying, “I think there is a lot of fuss over bitcoin and it’s not a payment instrument and it’s not even real money.”

Also challenging the Bitcoin bulls could be the Australian Financial Review (AFR) piece quoting RBA Governor Philip Lowe. Reserve Bank governor Philip Lowe said, “It's a risk to investors but it's not a financial stability risk”, per the news.

However, the quote’s sustained trading beyond a short-term support line, at $34,970, followed by 100-bar SMA near 33,700 keeps the BTC/USD bulls hopeful towards breaking the $38,000 hurdle and confirms the inverse head-and-shoulders bullish chart pattern.

Following that the theoretical rally towards the $48,000 level may catch a breather around the latest all-time high of $41,987.

Meanwhile, a downside break of 100-bar SMA will trigger a notable change in the current bull-run while also directing short-term bears toward the $30,000 threshold and then to January’s low around $27,780.

BTC/USD daily chart

Trend: Bullish

additional important levels

Today last price 37146.62
Today Daily Change 162.24
Today Daily Change % 0.44%
Today daily open 36984.38
Daily SMA20 34112.03
Daily SMA50 31955.53
Daily SMA100 24572.11
Daily SMA200 17873.94
Previous Daily High 38758.32
Previous Daily Low 36192.11
Previous Weekly High 38638.78
Previous Weekly Low 29239.87
Previous Monthly High 41987.21
Previous Monthly Low 27772
Daily Fibonacci 38.2% 37172.4
Daily Fibonacci 61.8% 37778.03
Daily Pivot Point S1 35864.88
Daily Pivot Point S2 34745.39
Daily Pivot Point S3 33298.67
Daily Pivot Point R1 38431.1
Daily Pivot Point R2 39877.82
Daily Pivot Point R3 40997.32



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

SafeMoon looks to climb 20%

SafeMoon price shows a resurgence of bulls that have kept it from heading lower. Instead, SAFEMOON has ricocheted off the support level and might continue to rise if the buyers persist.

More SafeMoon News

Ethereum price prepares for a bullish weekend, targeting $3,000

Ethereum price seems prime to revisit $3,000. Although ETH faces resistance at $2,300, the upswing seems imminent. A downswing below $2,000 could invalidate the bullish thesis. 

More Ethereum News

VeChain forms potential bottom, eyes 30% upswing

VeChain price retraces to a stable demand level as investors book profits after a minor upswing. VET will face an uphill battle with multiple swing highs to take out. Therefore, investors can expect this rally to be a slow run-up.

More VeChain News

Bitcoin goes through range of emotions, from legal tender to Chinese miners exodus

Bitcoin price rallied wildly on the news of it becoming legal tender in El Salvador, but China’s clampdown on miners was equally palpable. BTC seems to be taking a breather before its uptrend resumes.

More Bitcoin News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast