• Bitcoin price set to try and close above $43,000 after failing on Tuesday.
  • BTC price still has plenty of room to the upside on the RSI towards $44,000.
  • Expect the current trend to continue with tailwinds persisting and stabilising global markets, adding to risk-on sentiment.

Bitcoin (BTC) price saw bulls trying to plant a flag back above $43,000 at the beginning of this month but failed as price action underwent some profit-taking in the last trading hours. The handover of the trading session to ASIA PAC resulted in a short fade, which offered bulls a window of opportunity to re-engage again. With the situation stabilising in the global market and Ukraine, investors are trying to benefit from this sense of relief rolling through markets and making some gains of it, with BTC price set to be lifted towards $44,088 in that spirit.

Bitcoin price nears crucial moment that could turn its rally into a broader uptrend

Bitcoin price is enjoying the positive vibe that is present in the markets, with the S&P 500 avoiding a dead-cat-bounce on Tuesday, investors are back with interest and cash into risk assets like stocks and cryptocurrencies. Bitcoin price saw a very punchy move on Tuesday as that positive mood was turned into a tailwind that has lifted price action to a close above $41,756. A fade following such a bullish day is quite normal and, in the meantime, offers a window of opportunity to get back in as the Relative Strength Index (RSI) still has some room to go before being labelled as ‘overbought’.

BTC price is set to target $44,088 to the upside, a historic pivotal level that goes back to August 6th, 2021. Not only are the tailwinds and the RSI doing their part in the rally, but the 55-day Simple Moving Average offered some upward pressure. Last week BTC price already got picked up just before an actual test on the 55-day SMA level was at hand. With these supportive elements added to the current tailwinds, investors have plenty of incentive to be part of Bitcoin price action and should ramp prices further up above $44,000.00.

BTC/USD daily chart

BTC/USD daily chart

Event risk at hand comes with Biden visiting the G7, NATO and EU leaders on Wednesday and Thursday in Brussels. The fact that the US President is coming in person to these meetings sets expectations relatively high for at least another round of sanctions or even a bigger coordinated embargo supported by all the above organisations. Markets will need to reassess the financial impact and consequences on inflation and other macroeconomic metrics, which could trigger a correction in cryptocurrencies and lead Bitcoin to tank 6% towards $39,780.

 

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 Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Spurts of bullish momentum fight resurging bears

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Spurts of bullish momentum fight resurging bears

Bitcoin price sees a bullish uptick in an attempt to clear up any inefficiencies formed during the recent sell-off. Despite its uptrend, Ethereum price remains broadly range bound in the short-term, while XRP price shows strength, to be confirmed at the daily close.

More Bitcoin News

SEC v. Ripple update: Regulator argues Hinman’s speech is not relevant to the lawsuit

SEC v. Ripple update: Regulator argues Hinman’s speech is not relevant to the lawsuit

The SEC has filed a brief on the Hinman speech as its legal battle against Ripple drags on. The US SEC is fighting back in its lawsuit against Ripple Labs and arguing that the Hinman documents Ripple lawyers want brought into evidence are irrelevant to the case. 

More Ripple News

Solana price hints at a 50% upswing under these specific conditions

Solana price hints at a 50% upswing under these specific conditions

Solana price shows an interesting setup as it tries to overcome a stiff resistance level. The fifth attempt to overcome hurdles will likely be successful due to multiple bullish confluences.

More Solana News

Dogecoin price to provide a buying opportunity before exploding 35%

Dogecoin price to provide a buying opportunity before exploding 35%

Dogecoin price sees a slow decline in bullish momentum as a major hurdle puts an end to its explosive move. A pullback is emerging for DOGE and is likely an opportunity that will allow bulls to recuperate and prepare for the next rally.

More Dogecoin News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP