- The Bitcoin price fell back during the current session, registering a marginal drop.
- BTC rose by over 3% on Tuesday, as the price pushed above $48,000.
The Bitcoin price fell back in the red during the current session, as the price dropped off marginally after Tuesday’s increase. BTC had ended the weekend on a fairly positive note, as the price pushed above $50,000 on Sunday. However, Monday saw a drastic fall, as BTC dropped by over 7%, slipping below the 200-day SMA. However, the price recovered on Tuesday, rising by over 3% and settling at $48,340.
Bitcoin Price Chart Indicates Sellers Looking To Push BTC Back To $48,000
The Bitcoin price started the previous week fairly bullishly, rising by almost 2% on Monday. BTC remained bullish on Tuesday, as it registered an increase of 0.95% and then registered a marginal increase of 0.22% on Wednesday, rising to $50,669. However, Thursday saw BTC crash, as the price dropped by over 5% to $48,042, before another marginal drop took the price to $47,304, just above the 200-day SMA.
Image: BTC/USD daily
After dropping to $47,304 on Friday, the Bitcoin price recovered over the weekend, as it rose by almost 5% on Saturday. Sunday saw a further increase, as it rose by almost 2%, ending the weekend at $50,405. However, the price dropped on Monday, registering a drop of over 7%, dropping to $46,843, and slipping below the 200-day SMA. However, Tuesday saw BTC recover, as it rose to $48,340 before dropping during the current session.
We can see that the Parabolic SAR is currently bearish, indicating that we could see the price drop further.
Looking at IntoTheBlock’s IOMAP for the Bitcoin price, we can see that BTC has strong support at around $47,604. At this price level, over 1.3 million addresses have bought more than 700,000 BTC. BTC also faces strong resistance at around $54,868. At this price level, almost 800,000 addresses have sold over 500,000 BTC.
Looking at the 4-hour Bitcoin price chart, we see that BTC had dropped below the 20-bar SMA on the 8th when the price dropped to $49,224. BTC pushed up from this level, rising to $50,695, but fell drastically, slipping back below the 20-bar SMA and settling at $47,595. BTC was able to stay at this level for the next few sessions until it pushed above the 20-bar SMA on the 12th, rising to $49,535. BTC continued to push higher from this level, moving above the 50-bar SMA to $50,293. However, the price fell back after reaching this level, slipping back below the two SMAs and settling at $46,753 before rising to its current level of $48,000.
We can see that the Parabolic SAR and MACD have both flipped to bullish, indicating that we could see the price recover.
Image: BTC/USD 4-hour
Bitcoin Price Is Expected To Reach These Levels
Looking at the Bitcoin price chart, we can see that BTC has dropped marginally during the ongoing session. We could see BTC drop to $48,000, although BTC could also recover and push towards $48,000.