Bitcoin Price Facing Vital Resistance As Golden Cross Expected!

9


Bitcoin price rallied remarkably and successfully added yet another $2000 with a nearly 6.1% jump. Moreover, the price also achieved the important resistance levels around the 200-day MA at $44,864. The rally marked a bullish re-establishment but with the beginning of the fresh day trade, BTC price initiated with consolidation. Whereas most of the altcoins appear extremely bullish. 

The past weekend turns out to be a pivotal period that dragged the crypto space out of the reach of the bears. BTC price currently is reattempting to surge above $46000, keeping the bullish momentum well in place. On the other hand, the ETH price comfortably resides above $3100 after the occurrence of the Golden Cross. 

Also Read: Bitcoin Price Analysis: Is Short Term Correction Evident Before the Golden Cross? Popular Analyst Says YES!

However, the Golden Cross on Bitcoin is expected to occur in a coming couple of days on 13th August 2021 as predicted by analysts. 

Currently, the exchange outflow ratio has fallen to the lowest point since June 2019. Therefore a sense of confidence among the holders is withnessed as large exchange sell-offs are less common when less supply is at risk on exchanges. 

Despite Bitcoin price closed above the important daily 200-MA, buyers appear to be exhausted in fueling the bull run. However, if the consolidation drags the price down, a higher low between $44,000 to $44,300 could preserve its uptrend. And hence, the BTC price could ultimately coil up towards $50,000, $48,000 could be the initial stop. 

Also Read: Ethereum Price Flips Before Hitting Crucial Support Zones, Bull Market Resumes!



Source link

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More