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Bitcoin Price Steady As Spot ETF Ignites Fresh Buzz, Climb to $50k Imminent or Brace for a Tumble?
Bitcoin price sits on top of support provided by the 200 Exponential Moving Average (EMA) (in purple) at $42,040. With this support secured $BTC has a higher probability of increasing towards $45,000.
However, a four-hour candle close above the 50 EMA (in purple) at $43,336 is required to steady the uptrend and reduce the chances of pulling back. Slightly above this level, bulls will also be required to brave the resistance at the 20 EMA (in blue) at $43,547 to validate the uptrend.
Despite a sell signal in the Moving Average Convergence Divergence (MACD) indicator trying hard to invalidate the uptrend, persistence from the bulls could transform the MACD into a buy signal, further reinforcing the bullish outlook.
The approval of a spot Bitcoin #etf in the next few days would be the catalyst to blast Bitcoin price above the ascending triangle and complete the target to $50,000 before the end of January.
Meanwhile, blockchain data by IntoTheBlock suggests that long-term holders are concentrating on accumulating Bitcoin, which they are likely to sell as the coin approaches the bull market top.
#BTC
Bitcoin price sits on top of support provided by the 200 Exponential Moving Average (EMA) (in purple) at $42,040. With this support secured $BTC has a higher probability of increasing towards $45,000.
However, a four-hour candle close above the 50 EMA (in purple) at $43,336 is required to steady the uptrend and reduce the chances of pulling back. Slightly above this level, bulls will also be required to brave the resistance at the 20 EMA (in blue) at $43,547 to validate the uptrend.
Despite a sell signal in the Moving Average Convergence Divergence (MACD) indicator trying hard to invalidate the uptrend, persistence from the bulls could transform the MACD into a buy signal, further reinforcing the bullish outlook.
The approval of a spot Bitcoin #etf in the next few days would be the catalyst to blast Bitcoin price above the ascending triangle and complete the target to $50,000 before the end of January.
Meanwhile, blockchain data by IntoTheBlock suggests that long-term holders are concentrating on accumulating Bitcoin, which they are likely to sell as the coin approaches the bull market top.
#BTC
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