Bitcoin price extends the previous session gains on the weekends. The price consolidates in a very tight range above the 200-EMA. Investors are waiting for confirmation before taking up aggressive bids.
- Bitcoin price trades with minimal gains on Saturday.
- Some retracement is expected in BTC as the bulls remain pressured below $48,000.
- BTC price locks 4% gains on a weekly basis.
Bitcoin price consolidates
On the daily chart, the Bitcoin price surged 21% from the lows of 37,560.40 made on March 14. The asset tested 3-month highs at $48,240.0 on Thursday. However, the bulls lack the conviction or are unwilling to carry forward the gains beyond the said level. In the recent pullback, BTC price revisited the critical 200-day EMA (Exponential Moving Average) at $44,796.98.
But the downside seem limited as the price bounced back with a 5% gain in two sessions. This, suggest the bulls are not in a mood to give up easily either. So, for now, BTC slides in a trading range of $45,000 and $48,000.
An acceptance above $48,000 amid sustained buying pressure would make traders hopeful. On moving higher, the first upside target could be located at the psychological $50,000. Next, market participants would likely recapture the horizontal resistance level at $52,500.
On the contrary, if the price fails to hold the session’s low then it would invalidate the bullish outlook for BTC price in the short-term. In that case, investors will collect the liquidity at the support level found at $42,500.
As of publication time, BTC/USD is trading at $46,625.90, up 0.75% for the day. The 24-hour trading volume of the largest cryptocurrency by market cap is standing at $34,123,056,256 with a loss of 17% as reported by CoinMarketCap.
Technical indicators:
RSI: The daily Relative Strength Index oscillates near the average line with a neutral stance. It reads at 60.
MACD: The Moving Average Convergence Divergence stands above the central line but with a receding bullish momentum.
