- Summary:
- Bitcoin price remains on an uptrend despite the current pullback. Total market cap for cryptocurrencies has exceeded $2 trillion.
Bitcoin price has pulled back even as it remains within an uptrend. Notably, the market capitalization for all cryptocurrencies has exceeded the $2 trillion mark again, after doing so on 18th May. At the same time, greed continues to control the crypto market. According to the crypto fear & greed index, today’s reading of 72 is higher than the previous session’s 71 and last week’s 65. A month ago, extreme fear impacted the market; pushing the leading cryptocurrency to below $30,000. Bull’s next target is $50,000.
Bitcoin price technical outlook
At the time of writing, BTC/USD was down by 1.74% at 46,172. Earlier in Monday’s session, the cryptocurrency hit an intraday high 0f 48,074 as bulls attempted to retest the three-month high reached in Saturday.
Despite the high volatility that continues to define the crypto industry, Bitcoin price has recorded significant gains since dropping past the crucial level of 30,000 in mid-July. During that timeframe, it has surged by about 58.03%.
On a three-hour chart, it is trading along the 50-day EMA and slightly below the 25-day EMA. Besides, the formation of an ascending trendline hints at further gains. The bulls have their eyes on the psychological level of 50,000. While it is an attainable level in the mid-term, the crypto is likely to experience price swings below that target.
A move below the current support along the 50-day EMA will place it at 45,475 or the psychological level of 45,000 before rebounding to 47,500. On the upside, it will probably encounter resistance at Saturday’s high of 48,172 or the prior resistance level of 49,518.
