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BTC Price Analysis: Volatility Stays High With Price Stuck in a Range, Investors Await the Next Bitcoin Catalyst To Accelerate Price

Bitcoin

 

  • Despite the lull in upside traction, BTC kept support above moving average (MA 50) around $57,000
  • BTC suggests consolidation as volatility stays high with price stuck in a range of $47,000 to $60,000 levels 
  • Most cryptos could begin to consolidate ahead of Elon Musk’s appearance on Saturday Night Light

Despite the impressive speed of adoption in prior weeks, the BTC price has persisted in a range. Bitcoin upside run becomes difficult as more cryptocurrency investors diversify their assets into Altcoins. Although the short-term trend is improving, BTC buyers have been quick to cash in on rallies that have hit resistance beneath $60,000. BTC/USD suggests consolidation as volatility stays high with price stuck in a range of $47,000 to $60,000 levels for the past couple of weeks. Despite the lull in upside traction Bitcoin (BTC) kept support above moving average (MA 50) around $57,000. At the time of publication, the cryptocurrency was buying for $59,388. Satoshi Nakamoto founded Bitcoin (BTC) in 2009. It is a decentralized digital currency. With $64.77 billion traded in the last 24 hours, the market cap is $1.098 trillion. At the current spot price, it has dropped nearly 10% since its all-time peak in April 2021. Cryptocurrencies benefited from a weakening dollar as a result of a poor jobs report. Following US nonfarm payroll, most cryptos could begin to consolidate ahead of Elon Musk’s appearance on Saturday Night Light. Bitcoin is stuck in a trading range as investors await the next Bitcoin catalyst to accelerate price.

Key Levels
Resistance Levels: $65,000, $62,500, $60,000
Support Levels: $57,000, $53,000, $50,000

BTC/USD Daily Chart: Ranging

BTC/USD Daily Chart

After finding bids near the $57,000 region against the US Dollar, the BTC began to rise again. The BTC/USD pair moved into the positive zone after breaking through the $58,367 resistance. It also surpassed the $59,000 mark, settling comfortably above the moving average (MA 50). Near the $60,000 psychological level, a high has emerged, and the pair is now consolidating gains.

Bullish traders’ possible goal could be near the $61,788 high set on March 13th. If all other factors remain constant, the exchange rate is likely to continue to rise in the coming trading sessions. BTC, on the other hand, may make a brief retracement towards support near the moving average (MA 50) around the $57,000 level.

BTC/USD 4-Hour Chart: Ranging

BTC/USD 4-Hour Chart

After bears failed to ignite a massive dumping trend underneath $47,000, Bitcoin has experienced a powerful price rebound to the $59,499 intraday high. Since the rebound remains intact, the recent price pullback offered a dip-buying potential. Before pursuing long positions to $61,788 and beyond, risk-averse traders may pause for the pair to smash through the $60,000 resistance.

Over the weekend, volatility is expected to stay high, and traders should not be stunned if Bitcoin breaks out of its trading range. Only when trading beyond $60,000 is the BTC/USD pair bullish; the main resistance is located at $62,500 and $65,000. Sellers may test the $57,000 and $55,400 levels if the BTC/USD pair trades below $58,000.

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

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