Wednesday, September 27, 2023

Bitcoin Price Prediction: BTC Price Trades Near Weekly Support; Aims For $45,000 Next

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BTC’s price shows a lack of momentum after locking gains for the past two sessions. The price consolidates in the price range with modest movement. BTC’s price touched swing highs near $48,234.00 but failed to sustain the gains beyond the mentioned levels.

  • BTC price trades in a relatively tight range with no meaningful price action.
  • Investors can expect the price to move toward $45,000 with the support of above-average volumes.
  • However, the price remains pressured below the ascending trend line.

BTC price looks for upside gains

Source: Trading view

On the daily chart, the BTC price hovers above the psychological $40,000 level, where the BTC buyers struggle to sustain the gains. However, the recent technical setup suggests that BTC could jump back to the recent highs, though challenges remain.

A daily close above the session high could fuel the upward movement toward the 50-day EMA (Exponential Moving Average) at $42,680.07. This would coincide with the break of the ascending trend line.

Next, market participants would keep their eyes on the critical 200-day EMA at $44,700 followed by the ultimate target of the horizontal resistance line at $45,000.

While things look mildly positive for the BTC price, a failure to hold the key support area around $39,000 would trigger a fresh round of selling in the pioneer cryptocurrency.

In this scenario, investors would collect the liquidity from the demand zone extending from $37,500 to $35,000.

Bitcoin price surged nearly 41% from the late February lows of $34,324.05.

As of press time, BTC/USD trades at $40,968.20, down 0.44% for the day. As per the CoinMarketCap, the largest cryptocurrency holds the volume at $28,589,975,310 in the past 24-hour.

Technical indicator:

RSI: The daily relative strength index jumps from the oversold zone but still hovers below the average line.

MACD: The moving average convergence divergence shows a neutral stance on the daily chart.






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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