|

Bitcoin price charges ahead, on target to hit $50,000

  • Bitcoin price continues to surprise bulls and bears alike with its performance.
  • Monday’s price action extended the bullish close on Sunday.
  • Traders and investors are looking out for signs of a pullback before Bitcoin continues higher.

Bitcoin price has performed spectacularly over the past two weeks. From the week of March 18, 2022, to the current weekly high, BTC is up more than 24%. Additionally, Bitcoin hit a new 2022 high and is likely to close above the January open, turning Bitcoin positive for 2022.

Bitcoin price hits several bullish milestones; a pullback is expected but not a certainty

Bitcoin price action has been in massive bullish rise over the past few weeks that bulls and bears alike expect a pullback. However, that may not occur. Bitcoin has already made new 2022 highs, and if it has a daily close that puts BTC positive for 2022, that could trigger some major institutional positioning.

Institutions often look for yearly highs and lows to be established in January and July – if an instrument is trading above the January open, positions are often bought, added, and supported. If an instrument is below the January open, positions are often sold and reduced. However, when a ceiling is broken, institutions often switch the position management to turn that ceiling into a new floor.

In other words, if institutional participation displays historically normal behavior and positioning, then Bitcoin price may see the $47,500 to $48,000 price range as the new 2022 ‘low’ until July. The next price zone to test as resistance is the $50,000 value area in that scenario.

BTC/USD Daily Ichimoku Kinko Hyo Chart

However, confirmation is needed to confirm a change in institutional positioning. There is a strong likelihood that Bitcoin price and the broader cryptocurrency market may experience some profit taking for the remainder of the week. Bitcoin price would likely return to the breakout of the bear flag at $44,725, where the daily Tenkan-Sen ad 61.8% Fibonacci retracement currently exists.  

Author

Jonathan Morgan

Jonathan Morgan

Independent Analyst

Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.

More from Jonathan Morgan
Share:

Editor's Picks

Ripple technical weakness persists as selling intensifies toward $1.00

Ripple grinds lower, trading around $1.10 at the time of writing on Wednesday. The sticky bearish outlook mirrors the broader crypto market, with major coins such as Bitcoin and Ethereum facing weak demand as investors de-risk.

Crypto Today: Bitcoin, Ethereum, XRP face downside pressure amid investor de-risking

Major crypto assets trade under intense headwinds on Wednesday, as market participants navigate complex geopolitical and macroeconomic environments. Bitcoin has slipped toward $61,000 after its recent rebound was sold near $64,000, leaving buyers exhausted.

Bitcoin Price Forecast: Sticky inflation fears threaten deeper sell-off in BTC

Bitcoin extends its decline on Wednesday, trading below $61,500 at the time of writing as renewed US-Iran tensions keep the risk sentiment capped. In addition, persistent capital outflows from US-listed spot Exchange Traded Funds continue to fuel selling pressure on BTC.

Pi Network extends decline as CEX outflows fail to offset bearish pressure

Pi Network edges lower on Wednesday, extending its third consecutive day of losses. The technical outlook for PI is largely bearish, with a risk of a steeper correction below $0.1184.

Bitcoin: After the bloodbath, everyone looks at $60,000
Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.