November 26, 2022

Bitcoin (BTC) Price Today: Sustains Above $42K In Effort To Take Leap Toward $48K

2 min read

bitcoin. ET

Bitcoin’s (BTC) rate has actually maintained its short-term bullish outlook even price could not sustain or move beyond$45k. AS bulls took a breather near the higher levels and could test the key assistance levels ahead of continuing the uptrend.

  • Bitcoin (BTC) rate registers minimal gains on the weekend.
  • BTC may retrace lower as the biggest cryptocurrency looks for a greater target.
  • Sellers remained active after buyers stopped working to protect $45k this week.

As of writing, BTC/USD is trading at $42,643.4, down 0.63% for the day. The 24-hour volume records at $18,851,376,829 with a fall of more than 25% according to the CoinMarketCap data.

Bitcoin set base near $40000 prior to moving ahead

Source: Trading view On the everyday chart, Bitcoin’s (BTC) cost has actually supported near the existing levels after checking the highs of $45,855.00 on February 10. Regardless of the underlying strength, BTC may check lower levels as the bulls appear a little exhausted here.

The cost is currently found solace at the essential 50-day Simple Moving Average (SMA) at $42,253.67 followed by the lower series of the consolidation near $35,800.

The Daily Relative Strength Index (RSI) checks out at 53, which corresponds to the current mild correction in price.

Furthermore, an increase in the bullish sentiment could prompt the investors to tag the $48,000 horizontal resistance line, bisecting the dominating crucial support-turn-resistance level.

Another momentum indication, the Moving Average Convergence Divergence (MACD), determines the velocity of any directional trend trades above the midline. This suggests that there are still more purchasers than sellers in the market.

Bitcoin price may be next keeping eye on the psychological $52,000, levels are last seen in September.

The post Bitcoin (BTC) Price Today: Sustains Above $42K In Effort To Take Leap Toward $48K appeared initially on CoinGape.