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Bitcoin Struggles to Break $48K Resistance, But Uptrend May Continue

03/02/2024 10:11

According to CryptoPotato, Bitcoin's price has failed to break above the $48K resistance level after months of recovery, but the uptrend may still be far from over. On the daily chart, the price has been rejected from the $48K resistance level, while the $40K support zone has held the market, preventing a deeper drop. The price consolidates between these two price levels, and breaking out in either direction is likely to dictate the market trend. If the market breaks the $48K level to the upside, Bitcoin will likely make a new all-time high in the coming months. However, a drop below the $40K level will likely result in a decline toward the 200-day moving average, around the $35K mark. On the 4-hour timeframe, the Bitcoin price has demonstrated a fake breakout below the $40K level before quickly recovering above. The market is currently testing the $43K level. If it's successful in pushing above it, this might lead to a rally toward $45K and even the $48K resistance zone. The Relative Strength Index is also showing values above 50%, indicating that the momentum is in favor of an upward movement. Bitcoin's price has been consolidating below the $48K resistance level for some time now, failing to break to the upside. Meanwhile, investors are wondering whether the market is topping out or the bullish trend will continue. The 7-day exponential moving average of the Miners Position Index (MPI) is showing unusually high values, suggesting that miners have been selling their coins in significant chunks. If this trend continues, the price is likely to reverse to the downside as a result of excess selling pressure.

Bullish

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