Analysts expect Bitcoin price to retest the $45,000 zone as support, after which traders anticipate a stronger move toward a resistance cluster at $54,000.
The mood across the cryptocurrency market has seen a notable improvement in the last week as prices are on the rise with Bitcoin () now trading near $48,000 while er (ereum-price”>) attempting to hold above $3,400.
Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin has been oscillating around $48,000 since it broke out above $45,000 early on March 28 and bulls are now debating wher a bull run to $80,000 is on the cards.
Bitcoin breaks above its 1-year moving average
“Keeping it simple is often best” according to independent market analyst Philip Swift, who posted the following chart showing Bitcoin’s price relative to its 1-year moving average (MA).
“Price is now breaking back above the 1yr MA. Historically this is an important level for Bitcoin signaling the start of a bullish trend.”
Possible entry at $45,000
Insight into a possible entry point in the case of a pullback in the price of Bitcoin was touched on by crypto trader and pseudonymous Twitter user ‘Phoenix’, who posted the following chart outlining a possible trajectory could take over the next few weeks.
Little resistance between $47,500 and $57,000
As for the areas to look out for should continue to head higher, market analyst and pseudonymous Twitter user ‘Rekt Captial’ posted the following chart suggesting the price could soon head toward $57,000 baring any major roadblocks.
Rekt Capital said,
The overall cryptocurrency market cap now stands at $2.151 trillion and Bitcoin’s dominance rate is 42.1%.
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