BTC outlook: Bitcoin price near key hurdle as bulls target $49k

BTC bulls are trying to upwind downside unit that has seen Bitcoin commercialized arsenic debased arsenic $47,600

Bitcoin terms is down 2.1% astatine clip of writing, trading astir $48,475 pursuing the rejection from highs supra $50,000. The apical cryptocurrency's worth is beneath a captious absorption level, and caller losses could hap if the terms fails to enactment supra $49,000.

BTC terms outlook

The terms of Bitcoin corrected to lows of $47,600, cutting gains made erstwhile bulls rallied to a multi-month precocious supra $50,000. The flagship cryptocurrency has recouped immoderate of its regular losses, with buyers investigating and breaking supra the 0.236 Fibonacci retracement level ($48,282).

Bitcoin's terms has adjacent touched highs of $48,622, though profit-taking has constricted the upside, and prices person dipped beneath $48,400 again.

To proceed higher and retrieve astir of the caller losses, the BTC/USD brace needs a wide interruption supra horizontal absorption astir $48,650 and the 0.382 Fibonacci retracement level of the diminution from $50,491 highs to $47,600 lows astatine $48,705.

The 20-4-hour exponential moving mean astatine $48,727 presents the adjacent hurdle. Viewed together, the confluence of barriers provides a captious proviso portion supra which accrued buying could acceptable bulls towards the 0.618 Fib level ($49,387).

BTC/USD 4-hour chart. Source: TradingView

The 4-hour illustration shows bulls mightiness not person the precocious manus yet, with the Relative Strength Index looking to ascent towards the 50-mark. The 20 EMA is besides curving downwards to adhd to the imaginable downside for BTC/USD successful the abbreviated term.

If the terms turns beneath the 0.236 Fib level, bulls volition trust connected archetypal enactment astir $48,000. Here buyers could inactive thrust an upside interruption and reclaim the highlighted absorption zones. However, if caller downside unit forces bulls to spell lower, the adjacent anchor would beryllium astatine the 50-4-hour moving mean ($47,618).