Bitcoin (BTC) Charges Ahead, Targeting $50K
Bitcoin saw recorded uptrends for seven consecutive days and seems ready for more upside. However, the bellwether crypto should avoid sub-$47K to move towards the $50,000 mark.
- Bitcoin records another day of surges, eyeing the $50,000 value area.
- $BTC demand by LUNA Foundation Guard continued to support Bitcoin’s uptrends.
- Technical indicators support bullishness, With Bitcoin staying well beyond the 50-day Exponential Moving Average.
Monday sessions saw Bitcoin rising by 0.61%, extending Sunday’s 5.16% surge to end the day near $47,129. However, recoveries from Monday lows of $46,669 had BTC striking a late intraday peak of $48,208 before reversing. The crypto overcame the day’s massive resistance zone at $47,676 before sliding to $47,200.
BTC Fear & Greed Index Reverses
Recovering from 21/100 March lows, the BTC Fear and Greed Index climbed to March peaks of 60 amid Sunday sessions before a brief drop to 59/100 on Monday. The index has stayed in the ‘Green’ area despite the declines. The positive reading coincided with $BTC purchases by LUNA Foundation Guard, the latter wanting to back TerraUSD.
Also, the overall financial markets show Bitcoin secured support from increased risk appetite. NASDAQ 100 surged 1.31% on Monday.
BTC Price Action
While publishing this content, Bitcoin traded 0.59% up at $47,405. Mixed movements early on the day had BTC dropping to morning lows of $47,073 before a leg-up to $47,570. Nevertheless, Bitcoin left its massive resistance and support zones untested.
Bitcoin has to keep away $47,335 day’s pivot for a run towards the initial massive resistance at $48,008. However, broad market support is essential for BTC to overpower the $47,500 hurdle. Extended rallies will see the crypto hitting the 2nd crucial resistance at $48,875 before sailing towards the $50K area. BTC’s 3rd critical resistance stands at $50,413.
Losing ground near the pivot area would see Bitcoin at the first crucial support area of $46,466. Excluding massive plummets, BTC should avoid $45K. The second support floor at $45,790 should prevent further drops.
The crypto market flashes gains today. The global crypto market value gained more than 1.96% over the past day, changing hands around $2.16 trillion at this publication.