At the time of writing, the value of Bitcoin (BTC) is at $46,559.96 per BTC and the buyers are trying really hard to keep it at the particular value. The buyers are currently sustaining a lot of selling pressure created by the bears by purchasing every low-level dip.
So far, the bulls have done really well in keeping the price of Bitcoin at such a figure. For now, the investors are leaning towards the bullish trend and they may continue making the effort to make it stronger.
Past Performance of Bitcoin
After experiencing a high price and rising over the $47.5k per BTC value, Bitcoin price ended up retreating and went down to around $45.1k per Bitcoin. In the past 24-hours, Bitcoin’s price went all the way down to $44,865.25.
However, the bulls formed a 3.04% rally in the past 24-hours, bringing it all the way up to its current price. Furthermore, Bitcoin is showing a weighted growth of 5.01% in the past 7-days.
Bitcoin is Bullish
Although many investors may be confused and hesitant to invest in Bitcoin, it is currently safe to invest in the largest cryptocurrency. This is because the summary scale for Bitcoin is supporting “buy” sentiments.
The moving averages for Bitcoin currently point towards “strong-buy” sentiments and the oscillators point towards “neutral” sentiments but none are pointing towards “sell” sentiments. Even the RSI for Bitcoin is at 63.15, meaning it is way above the midline and it is currently in the safe zone.
Bitcoin’s Elevation to Third Strong Resistance (R3)
With full support from the technical indicators, it is highly likely that the price of Bitcoin may continue surging higher. As the trend continues, the price of Bitcoin may surge to R1, which is $47,833.70.
If the bears cannot hold the attack coming from the bulls, then the bulls may push Bitcoin’s price to S2. At the time of publication, the R2 for Bitcoin is worth $51,367.17.
If the Investors successfully hit and cross the second strong defense of the bears, then their next target would be R3 ($54,653.23).
On the other hand, if the bears increase their selling power and lower the confidence of the bulls, then Bitcoin may start experiencing price dips. The first low mark the bears may try and achieve with their strong selling sentiments would be $44,369.24 per BTC.
As the RSI and the moving averages for Bitcoin also started moving downwards, the investors may also start selling Bitcoin to save themselves for future losses.
This would result in another selling spree, bringing the value of Bitcoin below the $40,000 per BTC price. If that happens, then Bitcoin will enter the support zone.