For a while, Bitcoin’s price had been floating within the negative territory in the bearish zone. The investors kept losing their faith in Bitcoin (Bitcoin) as it showed no signs of recovery. Even though the buyers made several attempts to push Bitcoin’s price higher but all their buildups were defused by the bears.
Every time the bulls managed to launch a lower-level rally, the bears resisted it with full force. They initiated heavy selling activity and kept selling the rallies to keep Bitcoin at a lower price. This eventually formed a loop and both sides were stuck in it for a while.
Bitcoin Finally Crosses a Resistance Mark of $42,594
Finally, after such a long time, the bulls have succeeded in pushing the price of Bitcoin over the $40k mark and being able to keep it there. For the first time in several months, the bulls have sustained the pressure coming from the bears and kept Bitcoin above the resistance mark on March 23. The particular resistance mark for Bitcoin was $42,594 per BTC.
This time, the bulls have constantly bought the dips formed by the bears and they are determined to hit a higher note in the upcoming days.
The bulls may Attempt to Hit a High of $52,000
The data suggests that the bulls are aiming to hit a higher value for Bitcoin, and for now, their target is $45,400 per BTC. To hit the particular mark and cross it, the bulls will need to muster up a tremendous amount of buying ability.
The bears are expected to give a tough challenge to the bulls at this mark, as they will be defending it with all their might.
The relative strength index for Bitcoin is in the positive zone and the moving averages are also supporting the same trend. This means that for now, the bulls are fully covered by the technical factors, and they can keep pressing onwards.
If the bulls do manage to win against the bears at $45,400, then it will be another major breakthrough achieved by the bulls in the same week. They will gain the opportunity of pushing Bitcoin on the resistance channel, where the resistance will be very high.
However, as the bulls keep pushing through the resistance levels, the price of Bitcoin may continue surging. In this particular case, the price of Bitcoin may land into the overhead zone. The particular mark is currently represented by the figure of $50,000 per BTC.
If the bulls successfully hit the $50,000 mark, it may become easier for them to hit the psychological resistance mark, which is currently at $52,000 per BTC.
BTC Price Correction Expectation
For now, as the technical factors and the sentiments of investors are with Bitcoin, therefore, even if a correction takes place, it would bring Bitcoin down to $42,594.