Bitcoin Price Analysis: 10-day SMA, short-term support line defend BTC bulls
- BTC/USD trims pullback moves from record top, keeps bounce off $45,855.
- Momentum suggests upside grind, sellers will get conviction below 50-day SMA.
Bitcoin bulls roll-up their sleeves to attack the record top of $49,700 while picking up the bids near $48,190 during the early Tuesday’s trading.
In doing so, the cryptocurrency major extends the previous day’s U-turn from a one-week low, around the 10-day SMA, while staying above an upward sloping trend line that connects January’s top and Wednesday’s bottom.
Although the momentum indicator eases from the top, suggesting further pullback, bullish MACD and the quote’s ability to stay beyond short-term SMA and support line favor the BTC/USD buyers.
As a result, any downside beyond $43,875 can be ignored, wherein the 10-day SMA level of $45,540 will offer immediate support.
It should, however, be noted that the BTC/USD decline below the stated support line will eye for the 50-day SMA level of $36,545 but any further weakness will raise doubts over the short-term uptrend.
Meanwhile, the recent high of $49,701 and the $50,000 threshold guard short-term upside of the BTC/USD pair, a break of which can strengthen the rumors surrounding the $100,000 psychological magnet as the upcoming price.
BTC/USD daily chart
Trend: Bullish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
