Leading digital asset, Bitcoin has been performing wonderfully well since the new year started, hitting numerous all-time high records in the process. The digital asset previously touched the $41,000 price mark but will not be looking to test that level again, owing to some market factors against it.
As it stands now Bitcoin has its resistance level set at $47,000, $47200 and $47,400 while its latest support level is presently at $34,000, $33,800 and $33,600. Bitcoin is presently making a sideways trade in the digital asset market, with the bulls having to endure the impact of the bears on the digital asset, making sure the price is stagnated at a point.
Volatility present in the Bitcoin market
A look at the on chain analytics of Bitcoin shows that the bulls might finally get a headway in the coming days as the Relative Strength Index indicates that Bitcoin is presently around the 89 level. Bitcoin is currently in an overbought region, which means that Bitcoin will not encounter any resistance on its way to the top. Bitcoin touched close to $41,900 region, the highest it had reached since the year, and this current bull run started.
After trading around $38,000 in yesterday’s early hours, the digital asset moved close to the $40,000 region where it rested. With the way things are moving, Bitcoin might encounter a bearish run in the next couple of days after it touches its figure of $41,000. Experts and traders in the crypto market would be hoping that Bitcoin will easily surmount the $37,000 and $38,000 prove mark before resting on the $41,000 price region.
Bitcoin will rest at $38,000 if the bears take over
If the bears eventually get their way, Bitcoin will touch close to the previous lows of $38,000 that it traded in the previous day. If things continue to go below that level and trade activity not backing up the digital asset, then Bitcoin could move further down in the price range, touching $34,000 in the process. While the bearish run leaves little to desire, the traders in the market would encourage the bullish run, which would see the digital asset touch the $47,000, $47,200, and $47,400 price mark.
Traders would be hoping that Bitcoin would bank on the movement in its 4-hour chart to top well above $41,000 after it gains its lost value. Despite various factors, including volatility and selling pressure present in the market, traders would hope that Bitcoin would cross into the upward channel. Traders will be hoping to exert their pressure on the market to push Bitcoin high, which means that the price of the asset would touch a reasonable price mark.