It was on February 7, 2022, when Bitcoin (BTC) observed a rise in its price. It was on this particular day that the price of Bitcoin managed to grow over the 42,659 per BTC. As of now, the $42,659 figure is the 50-day simple moving average for Bitcoin.
Just as Bitcoin’s price managed to cross the 50-day SMA, it was on the right track to soon hit the overhead resistance. With support from the bills, Bitcoin managed to reach up to the overhead resistance mark that is currently represented with a figure of $45,456.
It was on February 8, when the price of Bitcoin managed to hit the overhead resistance mark. However, the bulls were not able to increase their buying power beyond the particular point. Therefore, the price of Bitcoin ended up getting turned down from the particular mark.
This meant that the resistance level of the bears at the $45,456 mark was much higher than the buying level of the bulls. It goes to suggest that the investors are still not confident about running a rally for Bitcoin for a longer period of time.
So far, the data shows that a Doji candlestick pattern was formed surrounding the BTC/USDT pair. The pattern suggested that as of now, neither the bulls nor the bears are sure which side the price of BTC may move.
At the moment, the decision is indecisive among the two parties and things may unravel in the upcoming days. As of now, the value being observed by Bitcoin is worth $43,284.05, which means that the bulls still haven’t given up on its price rush.
However, if the bears start exerting a higher amount of selling pressure than the buying rally of the bulls, then the Bitcoin price may plummet. So far, the predictions for the dipping price of Bitcoin are not that much alarming.
The small level rally being observed by BTC in the past couple of weeks has managed to push the RSI into the positive zone. This would mean that despite the resistance, the bears may not be able to pull the price of Bitcoin at a much lower figure.
In case the bears do manage to cause an impact, then they may end up bringing Bitcoin down to $40,751. As of now, the $40,751 figure is the 20-day EMA for Bitcoin.
Then there are investors with positive sentiments that may start supporting the bulls to a level where they succeed in pushing Bitcoin above $45,456. If that happens, then the price of Bitcoin may rise over the $48,000 figure. In a case where the bulls keep gaining more confidence, then Bitcoin may rise over the $52,088 figure.