- Bitcoin (BTC) has seen notable volatility in the previous sessions.
- BTC dropped to around $43K before recovering quickly, hovering over $47,000 today.
- The crypto enthusiasts see Bitcoin at $50K in the anticipated bullish run.
The leading crypto by market capitalization has witnessed significant volatility over the past months. Unpredictable moves had Bitcoin dropping beneath $30K as following attacks by China and several factors.
However, Friday’s market actions have Bitcoin touching $47,000 again as the crypto community speculates on a possible bullish run. Keep in mind that BTC traded at the $44,000 levels over the past two days. Meanwhile, the recent moves have every BTC fan targeting $50,000.
Although bitcoin saw somewhat negative sentiments that had it falling below $43,000, it didn’t take time to recover above $47,000 some days after hitting a monthly low. For now, the dominant crypto hovers in the $44,000 – $48,000 range.
Recent Bitcoin moves come after the weekend showcased mixed reactions, having BTC hitting $48,000 before facing rejection. For now, Bitcoin appears to be in a recovery mood as it gained its latest losses.
As the overall market depicts health momentum, Bitcoin might have a smooth path to $50,000 in the coming sessions.
Yesterday, Euro Pacific Capital CEO Peter Schiff said that Bitcoin has chances to hit $100K in the future. Therefore, regretting not investing in the coin in 2011.
BTC to Dip?
If the BTC fails to overpower the resistance at $48,000 – $48,100, it might plunge. That way, it will have its initial support at $46,800.
For now, the leading coin has its first critical support at $46,500. The following crucial support lies around $46K and the 100-hourly Simple Moving Average. However, increased bearishness for BTC to break beneath $46k will see the asset revisiting the support area at $45K.
For now, Bitcoin appears to have all that it takes to hit $50,000. However, broader market support is necessary for the currency higher.
Technical Indicators
- Hourly MACD – MACD moved towards the bullish territory.
- Hourly RSI – BTC/USD’s RSI stays over the 60-level.
- Critical support – $46.5K and $46K
- Critical resistance – $47K, $48K, and $48.1K.
