Bitcoin Price Prediction
In the 4-hour timeframe, Bitcoin encounters a significant resistance at the $48,500 level. The formation of dubious and spinning top candles just beneath this threshold signals a potential bearish correction.
The Relative Strength Index (RSI) illustrates this sentiment as it retreats from 80, stabilizing around 60 with a downward trajectory. This indicates the likelihood of a bearish correction, as buying pressure for Bitcoin appears to wane.
On the downside, Bitcoin’s immediate support is anticipated at $47,195. Should the market breach this level, the next target could be $45,900, with a further break potentially driving the price down to $44,950, a level underscored by a historical resistance line.
Bitcoin Price Chart – Source: Tradingview
The 50-day Exponential Moving Average (EMA) is poised to curb Bitcoin’s descent around the $45,900 mark, marking it as a crucial support zone.
Conversely, an uptick in demand could propel Bitcoin beyond the $48,500 resistance, aiming for $49,676. Sustained buying interest might further elevate its price to $50,700.
Therefore, the critical juncture lies at the $48,500 mark; below this, a bearish stance is advisable, whereas above it, bullish positions become viable. This forecast emphasizes the importance of monitoring the $48,500 level for trading cues.
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