Bitcoin (BTC) price treads water on Friday after the previous day’s price slowdown. BTC has a probability of further rising up. Now, BTC is resting near the 50-day Simple Moving Average (SMA). As of writing, BTC/USD is trading at $43,588, up 0.15% for the day.
- BTC remains at a cross-road as the weekend begins.
- Price consolidates below near $43,000 after the recent 34% rally.
- On-chain metrics suggest bullish consolidation.
As per Glassnode, metric tracking Bitcoin miner’s holding turned negative on February 5 for the first time since November. The net change of miner balances for the past 30-days suggests that miners have sold their coins. According to the research firm, Delphi Digital miners were keep adding to their stockpiles, even as price retreated toward $35,000.
Bitcoin awaits a breakout
On the daily chart, Bitcoin (BTC) price regained the $43,000 mark after a dip to as low as $42,900 in today’s session. BTC/USD continues to face resistance at $45,500. The price is hovering at a relatively neutral level with an upside is capped near $47,000.
After testing the lows made on January 24, BTC jumped almost 50% and peaked at$45,855.0. However, soon it retraced toward $43,000 resulting in a red candlestick.
This is followed by the formation of a ‘Doji’ candlestick, which ignores any direction signals and remains indecisive just above the 50-day SMA.
Now, if the price sustains today’s session lows then it would set the stage for the continuation of the current trend. The resurgence of renewed buying pressure would result in another leg up in prices, with the immediate target of $48,000.
On the other hand, a decisive break below the mentioned moving average would invalidate the bullish thesis and could retest the $40,000 level.
Technical indicators:
RSI: The Relative Strength Index (RSI) reads at 58 with a bullish bias suggesting BTC continues to the north.
MACD: The Moving Average Convergence Divergence (MACD) moves beyond the midline supporting the bullish outlook in the short term
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