- Summary:
- Since Friday, Bitcoin price has traded steadily above the crucial level of $40,000. If the buying pressure is enough to move past the resistance at $45,000, the next target will be at $50,000.
Bitcoin price remains below the crucial resistance level of $45,000, which it reached on Sunday. According to CoinMarketCap, the cryptocurrency’s market dominance is at 46.50%. After dropping to $37,500 on Thursday, it has remained above the crucial level of $40,000. For as long as it trades above that support level, a bullish sentiment will likely prevail.
Bitcoin price technical outlook
Bitcoin price is consolidating around 43,700 after pulling back from Sunday’s high. On Sunday, the leading cryptocurrency by market capitalization reached the crucial level of 45,000 for the first time since mid-May.
The session’s high represented a 21.67% surge since mid-last week. However, it has since pulled back with the lack of enough buying pressure for the bulls to push past the resistance level at 45,000. At the time of writing, BTC/USD was down by 0.08% at 43,822.79.
In the near term, Bitcoin price is likely to find resistance at the psychological level of 45,000. If the bulls manage to break the resistance at 45,000, the next target will be at 50,000. However, they will need to gather enough momentum to move past the resistance levels at 45,964.05 and 48,222.43.
On the flip side, a move below the current support level at 42,777.75 will probably place it along the 50-day EMA at 41,556.52. Below that point, the bears will be eyeing the psychological level of 40,000.
