During the weekend, the value of BTC continues to rise on the profits from the last session. Consolidation over the 200-EMA keeps the value in a narrow range. Until they get the go-ahead, investors aren’t going to make violent offers for stocks.
Consolidation of BTC Price
BTC/USD. Source: TradingView
From today’s BTC chart, the price has risen by 21 percent from its 14th March minimum of 37,560.40. On March 29, the cryptocurrency hit a three-month high of $48,240.0. On the other hand, the bulls don’t have the confidence or aren’t determined to extend the profits further than the mentioned level. Bitcoin price hit the crucial 200-days EMA at $44,796.98 during the last drop.
However, the fall appears to be limited, as the price has recovered with a 5 percent profit within 2 sessions. It indicates that the bulls aren’t about to give up quickly either. As a result, Bitcoin is currently traded within the $45K to $48K range.
Traders will be optimistic if the market accepts a price above $48K amid persistent buying pressure. The critical $50K can be the first bullish goal if the stock continues to rise. Following that, market players are anticipated to retake the $52.5K horizontal potential barrier.
On the other hand, assuming the price doesn’t hold the session’s minimum, the optimistic view for Bitcoin price within the short run will be invalidated. In that situation, investors would be able to obtain liquidity at the $42.5K support line. BTC/USD was trading at $46,625.90, gaining 0.75 percent. According to CMC, the greatest crypto by market valuation had a 24-hour trades volume of $34,123,056,256, a decrease of 17 percent.
BTC’s Price Demonstrating a Room for Additional Gains
BTC appeared to be in the midst of a massive wave four. As reported in March, the possible triangle structure’s D wave is being constructed. Since this weekend’s $41 bounce, BTC’s price might be on the verge of breaking out of the $41K range.
Traders mustn’t expect clear impulsive market action while consolidating a D wave triangle and subsequent selling. It’s important to note that traders consider the minimum volume during this consolidation as a good thing.
The price of BTC breaching through the 50-days MA this weekend is quite optimistic. Bitcoin is currently attempting to retest the shattered MA as the next support line. Traders would probably hurry to purchase a breakthrough and target $48K, the 200-days MA.