BTC Price Remains Steady Toward $48,000; Time To Buy?

BTC price trades higher on Thursday as the bulls are back in action. A green candlestick suggests the presence of the underlying bullish undercurrent. The price is near the highs of April 11, thus forming a double top formation. However, the above-average volume indicates that the price might ignore any bearish sentiment as of now.

• Bitcoin price continues to print gains for the third straight session in a row.
• Expect a run-up to tag the swing highs of $48,000 after clearing the $45,000 hurdle.
• Intraday volume supports the bullish move with a 20% rise at $31,684,782,171.

BTC price trades near an inflection point

On the daily chart, BTC’s price faces a strong resistance hurdle above $42,000. As can be seen on the chart, the barrier exists since January 20. The price tested the record-low around $32,000 and surged nearly 45% to the high of$44,850. BTC price continues to oscillate in the range of $36,000 and $42,000 with a deviation in between extending from $45,000 to $48,000.

The reason to have a bullish view on the pioneer cryptocurrency is that with every swing low, we witness it to be higher low from $37,000 to $40,000.

Now, a strong green candlestick prompts investors to build up a long position. In the journey, the first upside hurdle that needs to be crossed is the highs made on March 2 at $45,366. In addition to that, a sustained buying pressure would clear the way toward the ultimate target of $48,000.

Conversely, a shift in the bullish sentiment might put a question on the bullish outlook on the asset. If the price closes below $40,000 on a daily basis this would result in meeting the lower target of $37,000 once again.

As of press time, BTC/USD reads at $42,460 with 2.64% gains so far.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.