- Summary:
- Bitcoin price has recouped some of the week's losses even as it remains below the crucial resistance level of $50,000. Greed is the key emotion.
Bitcoin price has recouped some of the losses from earlier in the week, even as it remains below the crucial level of $50,000. According to CoinMarketCap, the crypto’s market cap has risen by 1.95% at $921.66 billion. However, its trading volume over the past 24 hours has declined by 8.16% at $32.59 billion.
The bullish sentiment that boosted Bitcoin price to its three-month high of $50,000 is fading. However, greed remains the key emotion driving the crypto market. The crypto fear & greed index remains on the greed end of the spectrum with a reading of 73. In the previous session, it was at an extreme greed level of 79.
Bitcoin price technical outlook
BTC is trading higher as the bulls attempt to retest the crucial resistance level of 50,000. On Wednesday, it dropped to an intraday low of 47,101.22 before bouncing back. At the time of writing, it was up by 2.39% at 48,873.62.
On a three-hour chart, Bitcoin price is trading slightly above the 25 and 50-day exponential moving averages. In the near term, the crypto will likely ease at around 49,000.
Subsequently, it will likely trade within a tight range of between the resistance level of 49,868.06 and along the 50-day EMA at 48,320.50. A move above the horizontal channel’s upper border may have the crypto hovering around the psychological level of 50,000. This thesis will be invalidated by a decline below the 50-day EMA.
