The BTC market is once again trading lower as recent volatility calms, but is still a long way from weakening out. Ever since its downward shifts in the prior session, today’s 10 percent decline appears to be a breath of fresh air. Buyers are treading water, struggling for direction as the bear run on BTC/USD stays limited around the $50,000 level. Renewed optimism on BTC price drove the pair to a $53,238 intraday high before receding lower. On the key positive side of a stronger BTC is more demand at lower zones which will boost price especially with rising longer-term bias. The current BTC/USD spot price is down nearly 20% from the record high established on Mar. 13, 2021, with a current market cap of $970 billion, and a total of $80.99 billion in trade volume over the past 24 hours. Bitcoin bulls look towards Friday options expiry as around $6 billion worth of BTC options are set to expire. 43% have already been deemed worthless out and with the remaining open interest, Bitcoin bulls are mainly in control as the surge to a recent all-time high has wiped out 84% of the bearish options. Looking ahead of the larger players, traders are very bullish, taking Bitcoin volatility to a higher upswing.
*The bear run on BTC/USD stays limited around the $50,000 level
*Renewed optimism on BTC price drove the pair to a $53,238 intraday high
*Around $6 billion worth of BTC options are set to expire
Key Levels
Reistance Levels: $57,000, $55,000, $53,000
Support Levels: $50,000, $47,000, $43,000
BTC/USD Daily ChartThe Bitcoin (BTC) has edged lower by $8,346 since the week’s start. The BTC/USD rate is attempting to breach the MA 50 and ascending trendline support lower. Technical indicators flash selling signals on the daily time-frame. However, the horizontal support at $50,000 could provide support for the BTC/USD pair rate in the medium term.
The correction in the market also brought the BTC price beneath the key $53,000 support area, while the picture for the price will improve further with the BTC holding $50,000 support and surpassing the $53,000 medium-term resistance. BTC/USD is expected to go higher over the weekend largely on the grounds of Bitcoin expiry options.
BTC/USD 4-Hour ChartThe BTC price turnaround was mostly visible on the 4-hour time frame by the lack of a firm uptrend in BTC/USD and slightly weak support. However, the technical indicators suggest price is oversold and buying signals on the 4H time-frame chart. The price is likely to continue to soar and return into the ascending trendline pattern during the following trading sessions.
However, the moving average (200) resistance level at $53,000 could provide resistance for the BTC/USD rate in the shorter term. Continued weakness below the trendline and the $53,000 level, could cause a major sell-off towards $47,000. The BTC/USD pair is only bullish while trading above the $53,000 level, key resistance is found at the $55,000 and the $57,000 levels.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
