Bitcoin Price Prediction: BTC Keep Hovering Around $50,000
Daily Bitcoin BTC Technical Analysis
- Bitcoin price daily chart has flashed a buy signal in the form of red-nine candlestick.
- On the upside, BTC faces a stiff resistance barrier at $51,000
- The MACD is in the red.
- The 50-day SMA has crossed over the 20-day SMA to form a bearish cross.
Ever since April 14, the Bitcoin price has crashed from $63,220 to $49,560 – losing almost $14,000 in its overall valuation. During this downward surge, BTC managed to flip the 20-day and 50-day SMAs from support to resistance.
Bitcoin Price Flashes Multiple Sell Signals, One Buy Signal
As things stand, the Bitcoin price has flashed a red-nine candlestick in the daily chart. This is a bullish sign as it tells us that the buyers may soon take charge of the market. However, BTC still shows two bearish signs.:
Image: BTC/USD daily
Bitcoin price faces an immediate resistance barrier at $51,000 Previous, at this level, nearly 1 million addresses had purchased over 480,000 BTC tokens.
Bitcoin Price Market Remains Bearish
Wu Blockchain shared the following chart to show that Bitcoin price sentiment is currently bearish.
“From a historical perspective or the current cycle, BTC currently tends to be in a higher position, while the Funds Sentiment Index is at a lower level, indicating the pessimistic sentiment of funds in the secondary market and the market is bearish.”
Bitcoin Hashrate Is Increasing
Bitcoin price hashrate is one the rise. Documenting BTC shared the above chart and following tweet.
"#Bitcoin hashrate has already recovered and is trending upwards to new all-time highs. With more precise estimates, the drop was only about 20% and recovered much quicker than the slower moving-average line below, indicates."
Bitcoin Price Negative Social Sentiment Decreasing
Santiment shared the above chart to explain that the negativity surrounding Bitcoin price is decreasing on social media.
“Our weekly report discussed #Bitcoin's 50-day low of $47,984 to end the week. The #FUD levels rose heavily heading into today's rebound, and price bounces are often what we anticipate whenever our data shows this level of doubt.”
Bitcoin Price Is Expected To Reach These Levels
Even if Bitcoin price enters $50,000, it will meet a stiff resistance barrier at $51,000. However, crossing that could take BTC up to $55,000.