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.
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.
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