Bitcoin bulls are going for the short squeeze and targeting $50,000 in the comeback

  • Bitcoin price has had difficulty staying above $50,000. 
  • With BTC bulls back in charge, other cryptocurrencies are enjoying the positive spillover effect. 
  • The only target, for now, should be Bitcoin back above $50,000.

Bitcoin price (BTC) has had a tough couple of days as bulls could not keep price action above $50,000. With market sentiment now back in their corner, bulls are hitting the bears where it hurts and squeezing them out of their position. This way, the path is being cleared to regain $50,000.

BTC buyers are getting in at every opportunity, and the only way is up for Bitcoin price

Bitcoin price was not in a good place the past few days as bulls were unable to keep price action above $50,000. With price action fading in BTC and bulls getting more and more stopped out of their longs, sellers were able to regain price action and pushed prices further downward. Sellers hit a curb at $40,000, around the monthly S1 support level. Buyers stepped in around there and bought the dip as BTC looked interesting at a discount. 

Since Wednesday, BTC bulls have been back in the game and got a little bit of help from FED-chair Jerome Powell as price action got lifted further to the upside after his dovish remarks. With overall risk-on sentiment in global markets, bulls get a free ride and have the possibility to ramp prices further up in Bitcoin.

BTC/USD daily chart

BTC/USD daily chart

Bitcoin price will, however, face a few issues to the upside, with both the 55-day Simple Moving Average (SMA) at $46,640 and the 200-day SMA at $45,990 causing some short-term resistance. With this regained momentum and the uptrend again very much in play, expect these levels to form no issue in reclaiming the $50,000 marker. 

As sentiment can quickly shift in a matter of a few events or price action starts to fade, expect sellers to go for a retest of $40,000. That level will probably not hold, and sellers will get the chance to push for $38,070. That level looks excellent for support and would attract quite a lot of bulls excited for another chance to buy the dip.


Like this article? Help us with some feedback by answering this survey:

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto bulls on winning streak pushing for more

Bitcoin price jumped this week after a shift in sentiment on Thursday when global equities went back in the green and investors favored riskier assets like cryptocurrencies. 

More Bitcoin News

Binance support for Polkadot parachain auctions could send DOT to new all-time high

At the Sub0 Conference representatives of Parity Technologies, DOT founders Gavin Wood and Robert Habermeier, confirmed that Polkadot is now ready to implement parachains, auctions and crowd loans on its blockchain network. 

More Polkadot News

XRP price awaits for volume to skyrocket to $2

A brief technical and on-chain analysis on XRP price. Here, FXStreet's analysts evaluate how Ripple bulls take control.

More Ripple News

Shiba Inu whales buy the dip after SHIB loses $600 million in market cap

Shiba Inu concluded a massive rally, and SHIB price plunged on October 14. Proponents were awaiting a Dogecoin flippening, however, SHIB dropped to 14th rank by market capitalization soon after. 

More Shiba Inu 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