September 30, 2022

Bitcoin (BTC) Price Prediction: BTC Stays Quite Near $40k, Waiting For Next Catalyst

2 min read

Bitcoin-whales

Bitcoin (BTC) price paused the previous three days of losses on Saturday. The rate sell a tight range without any meaningful price action. Bitcoin rate rallied 25 %because February 3 testing a vital resistance barrier. Nevertheless, this uptrend stopped working to sustain after a second effort, resulting in a downswing.

  • Bitcoin (BTC) price trades decently lower on Saturday.
  • The drawback risk paused near the reliable support at $39,481 making bulls enthusiastic.
  • BTC might retest January’s lows of $32,933.33.

According to on-chain analytics firm Glassnode shows that despite cost volatility, over 60% of the BTC supply has not left its wallet in a year. Moreover, significant exchange Binance order book activity revealed “carpets” of support vanishing above $40,000 instantly prior to Friday’s dip to two-week lows.

Bitcoin looks for reversal on the everyday chart Bitcoin cost action lost 50 % from all-time highs of$69000 made on November 10. Later, a short-term consolidation started in late January rallied tremendously from February 3, hitting a critical resistance barrier. Nevertheless, BTC bulls lack the conviction to sustain this time uptrend after this effort, resulting in the present retracement.

Source: Trading View A spike in the sell order BTC/USD may restest the everyday need zone, which is put near the $36000 level followed by the lows of January 24 low of $32,933.33.

On the flip side, with a renewed purchasing pressure above the 50-day Simple Moving Average (SMA) the price might leap towards the highs of $45,000.

Next, market participants would keep their eyes on the critical 200-day Simple Moving Average (SMA) at $49,916.

Technical signs:

RSI: The Daily Relative Strength Index (RSI) trades at 43 with an unfavorable predisposition.

MACD: The Moving Average Convergence Divergence (MACD) holds above the midline but with receding bullish momentum.

The post Bitcoin (BTC) Price Prediction: BTC Stays Quite Near $40k, Waiting For Next Catalyst appeared initially on CoinGape.