Facebook Twitter Instagram
    Crypto AcademyCrypto Academy
    • Home
    • News
    • Price Predictions
    • Price Analysis
    • NFTs
    • Learn
    • Press Releases
    • Coins
      • Bitcoin
      • Ethereum
      • Cardano
      • Safemoon
      • Dogecoin
    • Advertise on Crypto Academy
    Facebook Twitter Instagram Telegram
    Crypto AcademyCrypto Academy
    Home»Price Analysis»Bitcoin (BTC/USD) Has Failed to Beat the $48,000 Resistance Trap
    Price Analysis

    Bitcoin (BTC/USD) Has Failed to Beat the $48,000 Resistance Trap

    Granit.MBy Granit.MAugust 31, 20213 Mins Read
    Bitcoin (BTC/USD) Has Failed to Beat the $48,000 Resistance Trap
    Share
    Facebook Twitter LinkedIn Email Reddit Telegram WhatsApp
    • Bitcoin has failed to beat the $48,000 resistance level.
    • The coin has now been restricted to ranging between $49,500 and $46,500.
    • Consolidation will continue till the price drops to $43,000, where it will bounce up again to test $48,000.

    Bitcoin has failed to keep the bullish groove after reaching the $45,000 resistance level, and it is currently not looking likely that the market will get over sooner. This is a major setback for the coin, which had been gliding upwards for more than one month now. The strides of the market had been gradually reduced as the price increased and it has finally come to a halt at the $48,000 significant zone. Currently, the market has fallen into consolidation.


    Bitcoin Key Levels

    Resistance Levels: $46,500, $48,000, $52,000,
    Support Levels: $43,800, $41,000, $37,500

    Bitcoin (BTC/USD) Has Failed to Beat the $48,000 Resistance TrapBitcoin Long Term Trend: Bearish

    Bulls had to navigate a tricky level earlier at $41,000. The market had to take a huge pull back to $37,500 where price was able to leap above the key level. Bitcoin, however, started experiencing more sterner opposition at beyond $41,000. At $46,500, price failed initially, but a pullback also drove the market above the level. The same happened when the king coin initially confronted $48,000.

    Bulls thought a pullback would also move the coin clear of the $48,000 level, but with the zone extending to $49,500, bulls were eventually caught in a ranging web. Bitcoin has thus been restricted to trading sideways between the $49,500 resistance and the  $46,500 support. With the price forced into a ranging movement, the only indications are that the coin may even drop lower. Bitcoin, which glided above the middle line of the Envelope indicator since beginning its rally, is now trading on the downside of the middle line.

    Bitcoin (BTC/USD) Has Failed to Beat the $48,000 Resistance Trap

    Bitcoin Short Term Trend: Ranging

    On the 4-hours chart, the market can be seen oscillating along the middle line of the Envelope indicator. Currently, price is trading on the lower side of it. The Relative Strength Index (RSI), though undulating, is trending downwards, and has now plunged to the 43 mark in the selling half of the chart. This shows that though price remains largely at equilibrium, bears seem to have a thing or two extra.

    Price will keep ranging till it drops to $43,000, where it will bounce up again to test $48,000.

    Also read: Recovery from China Crackdown: Bitcoin’s Hashrate Triples

    Note: Crypto-academy.org 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.

    Previous ArticleLINK/USD Market Operation Rebuilds Energy at $25
    Next Article Mdex Price Prediction August 2021: MDX Bearish In The Coming Days

    Related Posts

    Bitcoin (BTC) Could Bottom at Around $6,000 Before Reversing the Trend

    Cardano Price Analysis: ADA Keeps Trending Despite Bearish Momentum

    Elrond Price Analysis: EGLD Trending Due to Recent Shilling and Giveaways

    U.S. Labor Market Defies Predictions: A Positive Outcome for Crypto?

    June 9, 2023

    Dissecting the Differences Between Coinbase & Binance SEC Lawsuits

    June 8, 2023

    Ankr Enterprise RPC Services Goes Live on Microsoft’s Azure Marketplace

    June 8, 2023

    Binance Lied To U.S. Lawmakers

    June 8, 2023

    Court Filing Shows Gary Gensler Applied For Advisor Role At Binance

    June 8, 2023
    Facebook Twitter Instagram Telegram RSS
    • Home
    • Advertise on Crypto Academy
    • Terms and Conditions
    • Privacy Policy
    © 2023 Crypto-Academy.org. All rights reserved.

    Type above and press Enter to search. Press Esc to cancel.

    Go to mobile version