It was on March 2 when the price of Bitcoin (BTC) ended up hitting and crossing the $45,000 per BTC mark. The data shows that it was a long effort from the side of the bulls who strived to push Bitcoin to a higher figure.
Finally, they managed to push Bitcoin over the $45,000 per BTC mark. Unfortunately, the bulls were not able to maintain BTC’s price over the $45k per BTC benchmark. Soon after crossing the $45k mark, the bears met the bulls with high selling pressure, which resulted in pushing the price of Bitcoin below the $45k mark.
As the bulls managed to cross the $45k mark, their aim was to push hard enough and bring Bitcoin close to the overhead resistance mark. At this particular time, the overhead resistance for Bitcoin was at $45,821.
According to statistics, Bitcoin was only able to hit the $45,400 per BTC mark before the bears started selling it, bringing it below the $45k mark. As of now, the price of Bitcoin is hovering around the moving averages for Bitcoin. The analysts have proposed that it is currently a high support mark for Bitcoin and the bulls are safe at this particular mark.
Bitcoin’s Journey to $52,088
If the price of Bitcoin makes a rebound and it starts rising, coming closer to the overhead resistance, it will be a positive sign for the investors with bullish sentiments.
The rise in the price of Bitcoin would be an indication that the bulls are buying the dips to compete with the bears. If the price of Bitcoin starts rising, more investors would want to join the trend and start investing in Bitcoin.
As the buying level of Bitcoin rises, the price of Bitcoin may start rising. If the price of Bitcoin hits and crosses the overhead resistance ($45,821), the bulls will go on attempt another high push for Bitcoin.
After crossing $45,821, Bitcoin’s trend would start traveling up into the resistance, where the next benchmark would be $48,579. If the trend continues, then the bulls may succeed in moving Bitcoin up to the most critical resistance mark of $52,088 per BTC.
Bitcoin’s Journey to $37,000
If we go by the bearish approach, then the price of Bitcoin may fall all the way down to $37,000. As of now, the price of Bitcoin is struggling to keep itself above the $39,000 per BTC mark, because the bears are selling BTC on every rally.
If the bears continue with their selling spree, then the bulls may end up giving up. This would give an opening to the bears and they may succeed in pushing the price of Bitcoin below $39k. For now, the RSI is slightly below the midpoint, which favors the bearish run. If the bears continue with their selling spree, then Bitcoin may plunge to $37,000.