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- Bitcoin price has surpassed the benchmark level of $47k in just minutes
- Daily chart of BTC indicates a possible uptrend in the short term
- Weekly chart of BTC shows some weak signals indicating a period of consolidation could persist below the range $50k to $55k
Bitcoin price has already attracted every eye globally. Since the beginning of this year, the cryptocurrency has performed tremendously. However, after achieving an all time high in April, the asset is facing turbulence. On Friday, we observed that the price of the leading crypto coin skyrocketed to cross the benchmark level of $47k. Indeed, the jump above the level was observed to be the first time over the last couple of weeks. Indeed, the next level of resistance was witnessed at $50k, where some profit taking occurred last month.
Bitcoin price is preparing for an uptrend
Analysts in the BTC market have noted that the technical indicators of Bitcoin price are showing some upside movement. Following the daily chart, which is the first positive reading since July, the intermediate-term uptrend is stabilizing within the range of $40k support and $50k resistance.
Moreover, the relative strength index (RSI) has been observed to be overbought on the daily chart. Indeed, the reading tells that the RSI could keep the buyers active over the short term.
Weekly chart shows some weak momentum
Following the weekly chart of BTC, it is observed that the RSI remained neutral. Furthermore, it is also observed that the upside momentum remains weak. Indeed, a period of consolidation could persist below the range $50k to $55k.
Over the past few days, it is observed that the buyers have safeguarded the support near the price level of $40k. Notably, near the same level a price breakout was also observed earlier last month. Likewise, the coin designed by Satoshi Nakamoto is back above the 200-day moving average. The scenario shows an advantage for buyers aiming to return on pullbacks.
How are other assets performing in the crypto market?
Following the bullish behaviour of the leading cryptocurrency, other altcoins are also observed moving upside. Ethereum, the second largest crypto assets in terms of market cap, is also up by more than 9% over the last 24-hours. However, at press time, Bitcoin is exchanging above the price level of $47k. Over the last seven days, the coin is up by more than 11%.
