Bitcoin Seeking for Strong Support Levels, This May be the Possible Scenario for BTC Price
The crypto space is yet again showcasing some sort of uncertainty as the price is trembling down to a large extent. The Bitcoin price slashed below $49K for some time and quickly regained the levels. However, the current sluggish trend around $49K and the formation of multiple Doji candles point towards a fight between the bulls and the bears.
Yet the star crypto still has a chance to regain the bull run but only if the asset tests some crucial resistance levels. The beginning of the present trading day was pretty bearish as the asset slid down in short term, below the 200-day MA levels around $49,500. And since then the asset is trying to regain back the positions but is failing since the early trading hours. This can be visualized as one of the bearish scenarios but still, an uptrend cannot be completely nullified.
What’s Next For Bitcoin Price ?
The Bitcoin price in the mid-time frame tested the upper resistance levels a couple of times in the recent past and yet again faced a rejection. The dump was pretty hard which dragged the price close to the crucial support at around $48,134.94. At present, almost every attempt of recovery appears to go in vain as, despite a decent buying volume, the BTC price is unable to make a larger move.
And hence flowing through the currency pace, the Bitcoin price is more likely to revisit the lower support levels once again before attempting to propel to the next levels. In the worst case, if the asset breaks down these levels which is more unlikely and plunges below $40,000, then the market may remain stagnant for some time with major variations. However, the BTC price is expected to test the 200-day MA and after clearing these levels, the path to the upper resistance around $52,000 may appear glassy.Source