BTC outlook: Bitcoin price near key hurdle as bulls target $49k

2021-8-25 11:39

BTC bulls are trying to weather downside pressure that has seen Bitcoin trade as low as $47,600

Bitcoin price is down 2.1% at time of writing, trading around $48,475 following the rejection from highs above $50,000. The top cryptocurrency's value is below a critical resistance level, and fresh losses could occur if the price fails to stay above $49,000.

BTC price outlook

The price of Bitcoin corrected to lows of $47,600, cutting gains made when bulls rallied to a multi-month high above $50,000. The flagship cryptocurrency has recouped some of its daily losses, with buyers testing and breaking above the 0.236 Fibonacci retracement level ($48,282).

Bitcoin's price has even touched highs of $48,622, although profit-taking has limited the upside, and prices have dipped below $48,400 again.

To continue higher and recover most of the recent losses, the BTC/USD pair needs a clear break above horizontal resistance around $48,650 and the 0.382 Fibonacci retracement level of the decline from $50,491 highs to $47,600 lows at $48,705.

The 20-4-hour exponential moving average at $48,727 presents the next hurdle. Viewed together, the confluence of barriers provides a critical supply zone above which increased buying could set bulls towards the 0.618 Fib level ($49,387).

BTC/USD 4-hour chart. Source: TradingView

The 4-hour chart shows bulls might not have the upper hand yet, with the Relative Strength Index looking to climb towards the 50-mark. The 20 EMA is also curving downwards to add to the potential downside for BTC/USD in the short term.

If the price turns below the 0.236 Fib level, bulls will rely on initial support around $48,000. Here buyers could still drive an upside break and reclaim the highlighted resistance zones. However, if new downside pressure forces bulls to go lower, the next anchor would be at the 50-4-hour moving average ($47,618).

The post BTC outlook: Bitcoin price near key hurdle as bulls target $49k appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

BullshitCoin (BULLS) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 BULLS

bulls bitcoin btc hurdle 49k outlook key

bulls bitcoin → Результатов: 126


Bitcoin Back To $64K?, Why This Time The Bulls Have The Winning Edge

Bitcoin remains range bound in lower timeframes trading at $54,277. The first cryptocurrency by market cap records almost no gains in the daily chart, but a massive 23. 9% in the 7-day chart. The general sentiment in the market has flipped bullish, as investors seem to be waiting for further appreciation in Q4, 2021, a period that usually works for the bulls.

2021-10-9 21:00


Фото:

Bitcoin Rockets Past $30,000 as Bulls Target Key Level; What Analysts are Saying

Bitcoin is in the process of rocketing up towards $32,000, with the cryptocurrency showing some immense signs of strength as bulls target it seeing further upside The overnight breakout rally that allowed it to see this explosive move higher came as a shock, with the resistance at $30,000 being sliced through with ease The strength of this movement does bode well for bulls, as it indicates that significantly further upside could be imminent in the […]

2021-1-4 22:00


Фото:

Bitcoin Flashes Signs of Strength as All-Time Highs are Back on the Table

Bitcoin is once again exploding higher, with the recent dip to lows of $17,6000 proving to be fleeting as bulls take control of its price action The crypto is rapidly approaching its previous all-time highs as bulls aim at sending it past $19,400 This has long been a strong resistance level for the crypto, and a break above it could indicate that a move towards $20,000 is imminent One trader is now noting that the […]

2020-12-14 22:00


Bitcoin’s Momentum Stalls, But Negative Funding Gives a Boost to Bulls

Bitcoin’s upwards momentum has stalled following the promising push higher seen yesterday This allowed the cryptocurrency’s price to surge up towards $10,800, which is where it met some serious resistance that slowed its uptrend Despite rejecting at this level, the subsequent downtrend has not been that intense, indicating that bulls may still have some underlying strength One analyst is noting that although BTC is beginning to look bearish, the fact that funding rates are still […]

2020-9-26 21:00


Фото:

Bitcoin’s Bull Case Degrades Following Selloff; What Analysts Are Watching

Bitcoin has seen some slight downside today, marking a bearish resolution to the bout of sideways trading that it has been caught within throughout the past few days Yesterday, bulls were showing some signs of strength as they pushed the crypto towards $12,000 This fleeting momentum seems to indicate that bulls are still plagued by underlying weakness As for where BTC may trend next, analysts are noting that this did strike a blow to the […]

2020-8-26 21:00


Фото:

This Indicator Shows Bitcoin Hit a Pivotal Level; Why Bulls Are in Control

Bitcoin has extended its newfound consolidation phase as it trades around $9,200 Both its bulls and bears have reached an impasse, with neither group being able to catalyze any clear momentum It now appears that BTC is positioned to see further sideways trading in the near-term, but one indicator is showing that the tides are shifting into bulls’ favor This comes as the crypto’s “Unspent Bitcoin Map” signals that there is massive support hovering just […]

2020-7-12 19:00


Bulls Regain Territory; Bitcoin Bounces Back Above $12,600

The market is making a correction and trading prices are pumping up by the seconds. Bitcoin amongst many others have attained gains as this correction was an advantageous one as anticipated. Between the last 12hrs, the bulls have stepped in with more than 10% increase in trading volume, which quickly led to a breakout in […] The post Bulls Regain Territory; Bitcoin Bounces Back Above $12,600 appeared first on ZyCrypto.

2019-7-9 13:00