Bitcoin Price Analysis: BTC Bulls Put Up A Ferociously Fight, Avoiding Further Gains Trimming

Bitcoin price eventually slipped under $50,000 following the liftoff to $50,647 on Monday. The flagship cryptocurrency lost steam despite bulls having $56,000 in sight.

The correction initially found refuge slightly above $49,000, but bearish pressure continued to intensify during the Asian session on Wednesday. After testing the area at $47,517, Bitcoin regained ground above $48,000 and is currently exchanging hands at $48,230.

Bitcoin Price Battles To Nurture The Uptrend

The flagship cryptocurrency is trading above all the key moving averages on the daily chart, the 50 SMA, the 100 SMA, and the 200 SMA. This suggests that BTC’s slightest resistance path is on the upside.

Nonetheless, the immediate support at $48,000 must remain intact to allow bulls to execute the return mission above $50,000. Realize that the 50 SMA recently crossed above the 200 SMA, adding props to the uptrend despite the lock-step price action.

Perhaps a break above $50,000 and, for that matter, past the recently traded August high at $50,647 would pave the way for another trajectory to $56,000. Note that whales have kept stocking up on Bitcoin amid speculation that it could extend the bull cycle to $100,000 by the end of 2021.

BTC/USD Daily Chart

In the meantime, Bitcoin is trading above vital support areas, as highlighted by the IOMAP model developed by IntoTheBlock. This on-chain model reveals that the area at $46,012 is a massive buyer congestion zone. Roughly 922,500 addresses bought 490,400 BTC and are currently profiting from the bellwether cryptocurrency.

Bitcoin IOMAP Chart

On the upside, the barriers ahead of Bitcoin are relatively smaller, suggesting that bulls would achieve their goals with a slight push. However, the region at $50,031 is of interest and must be shattered to give way to the expected gains to $56,000. Here, 672,000 addresses previously purchased 375,300 BTC.

Bitcoin Intraday Levels

Spot rate: 48,230

Trend: Bullish

Volatility: Low

Support: The 200-day SMA and $56,000

Resistance: $50,000 and $52,000

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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