Bitcoin is trading higher on Thursday as the bulls return to the fore. A green candlestick indicates the presence of an underlying bullish undercurrent. The price is close to the highs of April 11, forming a double top formation. However, the above-average volume suggests that the price is currently ignoring any bearish sentiment.
-The price of Bitcoin price is up for the third session in a row.
-After clearing the $45,000 mark, look for a run-up to the swing highs of $48,000.
-Intraday volume has increased by 20% to $31,684,782,171.
Price of Bitcoin trades near an inflection point
The Price of Bitcoin faces a significant resistance hurdle above $42,000 on the daily chart. As can be seen in the chart, the barrier has been in place since January 20. The price tested a record low of around $32,000 before rising nearly 45 percent to a high of $44,850. BTC price continues to oscillate between $36,000 and $42,000, with a deviation ranging from $45,000 to $48,000.
“The reason to have a bullish view on the pioneer cryptocurrency is that with every swing low, we witness it to be higher low from $37,000 to $40,000.”
A strong green candlestick now prompts investors to take a long position. The first upward hurdle to be overcome on the journey is the highs set on March 2 at $45,366. Furthermore, sustained buying pressure would pave the way to the ultimate target of $48,000.
A shift in bullish sentiment, on the other hand, may call the asset’s bullish outlook into question. If the price closes below $40,000 on a daily basis, it will once again meet the lower target of $37,000.
As of press time, BTC/USD was trading at $42,460, up 2.64 percent on the day.
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