Saturday, March 2, 2024

Bitcoin Price Prediction: A Breakout Above The Descending Trend line Looks For Another 20% Upside – CoinGape

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Bitcoin price prints modest gains as the fresh trading week begin. BTC/USD hovers in a very tight range with no meaningful traction. However, the Bitcoin price holds vital support at the 50-day, which makes bulls hopeful for another recovery.

  • Bitcoin price starts the week on a muted but on a positive note.
  • A decisive break above the bearish slop line gives the probability of further 20% gains.
  • The downside is capped toward the 50-day SMA at $41,120.

Bitcoin finds support near 50-day SMA

On the daily chart, the Bitcoin price took support near the 50-day (SMA) Simple Moving Average. After testing the $42,000 mark in the previous two sessions BTC stalls the gains and waits for a fresh catalyst to set the fresh directional basis. The descending trend line from the highs of December 27 acts as a strong resistance barrier for the upside.

Source: Trading View

A resurgence in the buying pressure will push the price higher toward an immediate resistance filter at the bearish slopping line at $43,100. A daily close above the mentioned level will bring $45,000 in play next.

An acceptance above $45,000 will strengthen the further upside outlook for Bitcoin. Bulls will flex their muscles toward $48,000 next.

On the other side, a fall below the 50-day SMA will invalidate the bullish outlook for the pair. The immediate downside target could be found at the horizontal support level placed at $37,380.

Technical Indicators:

RSI: The daily Relative Strength Index moves above the average line with a bullish bias. Currently, it reads at 54.

MACD: The Moving Average Convergence hovers above the central line with a neutral outlook. An upside in the indicator will further strengthen the positive outlook for the pair.

As of writing, BTC/USD is trading at $41,355.04, up 0.10% for the day. The biggest and most famous cryptocurrency by market cap holds the 24-hour trading volumes at $22,927,188,621 with more than 12% gains.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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