The digital asset is gradually moving past its extended correction period, which saw its continuous decline for a long while. Now, market bulls are getting some dominance in the market, hence, the participators’ increased effects within the space. Bitcoin saw an expected selling pressure around the time it peaked around $40,000 a month ago, which saw weeks of the asset’s fall before finally moving into the bull market, causing the continuous drive, which keeps pushing prices upward.
Now, investors are willing to hold their digital assets and not sell-off holdings because of an anticipation of a far higher price within the $45,000 price range. With the asset’s present charts, its movement towards that range is unavoidable.
Bulls pushing prices past the $41,000 resistance point
The price point remains one of the crypto’s greatest hurdles presently because the market participants have not taken the asset towards the uptrend. Presently, the asset’s resistance levels is within $45,000, $47,000 and $49,000. On the other hand, its closest support is around the $34,000, $32,000, and $30,000 price ranges.
The new points came to be when the digital asset recorded some notable gains, thereby preparing to move towards higher grounds. Earlier during the day, the asset traded around the $38,000 mark before moving towards the $40,000. The digital asset is currently stabilizing while seeing the new bullish trend, aiming to retake the $41,000 price mark.
As hours go by, due to the asset’s current low-volatility, Bitcoin might move only within the $38,000 to $40,000 ranges, which would give investors an assurance level, as opposed to the previous weeks of high-volatile movements. The asset might likely maintain a range during its current 9-day and 21-day MA. The highly volatile asset is hard to predict since during the morning, it was inches over $38,000 before moving towards the $40,000 point, which got lots of attention from traders who are ready to chase the pump.
Bitcoin price expectations
Based on charts, when the asset moves towards the $40,000 mark, it is likely that the market would see an intense selling sell pressure when its value exceeds the $41,000 resistance level. This selling pressure would likely cause a slight correction around the $38,000 range before going through a higher surge.
But if the support level doesn’t hold, the sell-off could cause a significant downward pressure that would take the price to the $35,000 range, where it might further see more corrections while hitting the resistance point around the $34,000, $32,000, and $30,000 price marks.
If the market bulls are committed, they could take the price beyond its critical resistance points around the $45,000 mark and beyond. The bulls would regain their momentum based on the. 4-hour charts and drive the price towards $42,000.
The asset’s volatility could hinder its chances of moving upward, and a price correction could occur if it moves below the moving averages. There is a huge possibility that the asset would retreat because the RSI(14) is below 70, but market participants could push the price below its current resistance point to assure higher highs.
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