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The Bitcoin price jumped more than 3% to trade at $50,095.76 at press time.
Bitcoin-Linked Tokens Soar
The surge in Bitcoin’s price also opened the door for Bitcoin-linked tokens to soar over the past 24 hours. Both ORDI and SATS saw their prices rise throughout the past day of trading. ORDI was the biggest gainer for the period after it registered a 24-hour gain of more than 13%. SATS saw its price rise an impressive 9+%.
The Bitcoin Price Continues Its Bullish Streak
4-hour chart for BTC/USDT (Source: TradingView)
Over the last two days, Bitcoin’s price has remained within its upward trend channel, providing it with the necessary momentum to break through the $50,000 mark. If the upward momentum continues, the Bitcoin price could soon turn the $50,000 level from resistance to support, setting the stage for a potential increase to $52,115 in the near term.
However, this optimistic outlook could be negated if Bitcoin fails to secure a 4-hour candle close above $50,000 in the next 24 hours. Under such circumstances, Bitcoin might revisit the immediate support level at $47,930. Persistent selling pressure at this level could lead to a decline towards the next significant support at $44,430 shortly. In a highly bearish scenario, Bitcoin’s price could even drop to $42,450.
Despite these possibilities, the Bitcoin price shows no indication of decelerating. The 4-hour chart’s technical indicators, including the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), signal a bullish trend. The MACD line’s position above its signal line suggests that Bitcoin is in a bullish phase, with this positive trend appearing to strengthen further.
Additionally, a critical bullish signal may soon be activated by the RSI on the 4-hour chart. The RSI is nearing a breakout above its Simple Moving Average (SMA) line, indicating that buyers might be gaining a temporary advantage over sellers. This potential crossover could make it easier for the bullish momentum to propel Bitcoin’s price higher in the next 48 hours, compared to the effort required for bears to drive the price lower. Should this bullish signal be confirmed, Bitcoin could once again surpass the $50,000 threshold and aim for the $52,115 resistance level shortly after.
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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