Bitcoin’s (BTC) price has been fluctuating for several weeks and the running week has been showing the same trend. There is a huge scuffle taking place between the buyers and the sellers who are eager to pull Bitcoin to their side.
For now, the buyers have been struggling to keep the price of Bitcoin over the 10-day EMA ($45,850.16). So far, the buying efforts of the bulls have proven stronger against the sellers.
The sellers are finding it difficult to pull the price of Bitcoin below the 10-day EMA. However, the sellers have managed to bring the price of Bitcoin from $47,000 per Bitcoin down to its current price.
Current Performance of Bitcoin and Market Sentiments
At the time of writing, the trading price of the BTC/USDT pair is worth $45,948.10. Although the bears did succeed in pulling Bitcoin below the 10-day EMA for a short period of time. However, the bulls soon fought back with their strong buying force. They bought the minor dip the bears had created and pushed Bitcoin over the overhead resistance.
Despite the uncertainty, the investors are still preferring to go with the bullish sentiments for Bitcoin. The summary scale for Bitcoin is currently supporting “buying” sentiments and the moving averages are indicating a very strong bullish trend.
The relative strength index for Bitcoin is also at 59.14 while the ultimate oscillator is at 49.80 and it is about to move over the midline.
Bitcoin’s Bullish Movement
The bulls are expected to make full use of these sentiments and go for higher gains in the upcoming days. The data suggests that the investors may remain determined and try hard to push the price of Bitcoin to higher levels.
In the upcoming days, the bulls may try and push the price of Bitcoin to a high of $50,081.79 per BTC. If the bulls manage to achieve and cross the $50,081.79 mark, their next attempt would be to push Bitcoin’s price to another higher mark.
The data suggests that in the upcoming days, the price of Bitcoin may grow up to the second resistance mark, which would be $52,367.51.
As the bulls keep pushing through the strong defenses of the bears, the trend line may continue growing higher. The relative strength index for Bitcoin may also surge higher and enter the strong bullish zone. In this particular scenario, the price of Bitcoin may surge up to $54,653.23.
On the contrary, if the bears succeed in pulling Bitcoin below the 10-day EMA, their next attempt would be to bring Bitcoin below the $45,000 per BTC benchmark.
From there, the bears may attempt to increase their selling power and lower the confidence of the bulls. If that happens, then the price of Bitcoin may get pulled down to $44,498.81. From there, the bears may keep attempting and finally, bring the price of Bitcoin down to $39,992.96 per BTC.