In the last 7 days, Bitcoin (BTC) has been recovering, erasing some of its recent losses. Although the price has been moving sideways in recent sessions, BTC is closing in on its key resistance zones, and a probable breach might strengthen the case for a long-term uptrend. After staging a remarkable comeback, BTC/USD appears to be stabilizing, as near-term risks remain tilted to the upside. As a result, a clean break over its nearest ceiling could entice more buyers, implying that the present rally might continue. Although the pair stays rangebound as upside attempt stalls below $43k, immediate support could be encountered near the daily moving average (MA 50). At the time of this analysis, BTC/USD is trading at $42,303. As per WhaleStats, the most recent large buy by a top whale was that of an FTM whale who purchased 222 BTC, or $9,418,678 in value. Bitcoin price action is holding beyond the $42K since its decline from the highest levels seen since March 9.
Key Levels
Resistance Levels: $47,000, $45,000, $43,000
Support Levels: $40,000, $37,000, $35,000
BTC/USD Daily ChartAs BTC continues its uncertain swing trading week, the pair has been trading sideways. The largest cryptocurrency in the world continues its rangebound under $43,000. While it continues to trade below the moving average (MA200), it’s practically impossible to be overly bullish; what’s even more likely is that the macro bear market might continue, bringing the support level of $40,000 back into play.
If BTC/USD can continue to attract buyers’ interest, it might rally to about $45,000 one more time before breaching the yearly high of $47,967. Ending a daily candle above $45,000 is a bold move, but it might result in the first significantly higher low of BTC since the start of March, confirming the bullish case.
BTC/USD 4-Hour ChartOn the 4-hour chart, BTC/USD fluctuates between gains and losses within an ascending 4-hour moving average (MA 50), with a split in any direction possible. Looking at the structure, though, the upside appears more compelling, as a slew of reasonable levels of support tends to guard the downside.
If the sellers seize control, a test of rising 4-hour MA 50 support at $41,400 might be attempted. A breach of the latter might signal a drop in support, with the bears eyeing a $40,000 price objective. The Relative Strength Index (RSI) on the short-term frame has now drifted slightly beneath the 60 lines at the time of writing, supporting sideways trade.
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