- Bitcoin price closed yesterday’s daily candlestick above the 50% Fibonacci retracement.
- Sideways trading may occur over the next five days.
- BTC is very close to confirming its most bullish entry condition since October 2021.
Bitcoin price continues to press higher and higher, shaking off multiple intraday sell-off attempts with responsive buying pressure. However, as the week transitions to Thursday and Friday, the importance of where Bitcoin closes on the weekly chart becomes more and more critical.
Bitcoin price on the path to $50,000 - but it must break the $45,000 resistance cluster to do it
Bitcoin price action, in a nutshell, remains very bullish, with persistent bulls staving off bearish selling pressure. The path forward for bulls is easy: achieve a weekly close at or above $45,000. The resistance levels are almost negligible, between $45,000 and $50,000.
Significant bullish momentum has returned to the cryptocurrency space, with many calls for #AltSeason to begin - an event that is equally bullish for Bitcoin. If the sentiment continues and sidelined crypto buyers experience FOMO, Bitcoin can quickly reach the $50,000 price level.
BTC/USD Daily Ichimoku Kinko Hyo Chart
However, Bitcoin price does have some major downside risks. BTC is trading inside a bear flag, a major bearish continuation pattern. If BTC continues to move higher, it will hit the strongest current resistance cluster on its chart at $45,000.
The $45,000 value area contains the 61.8% Fibonacci retracement at $44,650, the top of the weekly Ichimoku Cloud (Senkou Span A) at $45,000, and the top of the bear flag at $45,100. If Bitcoin price fails to breach this level and is rejected, another round of selling may commence, with bears trapping bulls and pursuing a move below the Ichimoku Cloud at $37,000.
Follow us on Telegram
Stay updated of all the news
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.