Bitcoin (BTC) Price Is On The Verge Of Rise, Buyers Are Looking For $47,000

[BlockchainEnthusiast]

Bitcoin (BTC) Price Is On The Verge Of Rise, Buyers Are Looking For $47,000



For the week ending Friday, Bitcoin buyers gained some relief after the locked-in digital currency rose around 9%. BTC moved in sync with US tech stocks, which witnessed a late recovery on Friday. But overall, investors have lost money since the downward rally began in November.

• BTC finished the second week of January with a gain of more than 9%.
• Momentum oscillators are supporting the uptrend.
• BTC exhibits a strong correlation with high-risk technology stocks.

Bitcoin is moving in tandem with the NASDAQ and other tech stocks, according to Matthew Sigel, head of digital asset research at VanEck. Selling pressure is increasing in both as the US Federal Reserve adopts a more hawkish stance in its policy.

Source: Tradingview


The charts show a technical retracement towards $45,000. On the four-hour chart, BTC, which witnessed a free fall from $52,129 on December 28, is showing resistance near $40,000. The price is consolidating in the range before breaking above $42,000 on Wednesday.

BTC is trading near the critical 20 and 50 SMA with a “Doji candlestick” formation; This suggests that investors need some confirmation before sustaining the upward momentum.

A Taurus reversal formation “Cup Handle” is forming, which cheers up the bulls. A clear close above $43,500 will ignite an upside rally that could find the ultimate target around $47,000. The MACD (Moving Average Convergence Divergence) is trading above the middle line, supporting the bullish argument for the pair. Additionally, the Daily Relative Strength Index (RSI) stands at 52. On Friday, the market value of the world’s largest cryptocurrency rose to $815,187,367,919.

On the other hand, if the pair declines below $41,000, this could invalidate the bullish theses. Moving further, the price could re-enter the consolidation zone between $40,000 and $42,000. A break below $40,000 could drag prices towards lows around $37,000 last seen in August.




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Rekha started as a Forex market analyst. Analyzing key news and their impact on market movement. Then become interested in the fascinating world of cryptocurrency. Following the market using technical aspects.





The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.

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