Bitcoin price yearning for a firm break above $50,000 amid looming options expiry

  • Bitcoin price consolidates earlier than the following push increased above $50,000.
  • BTC price wavers in a rising wedge, draw back capped by key $47,300 stage.
  • Large BTC options expiry looms amid bullish RSI, traders stay cautious.

Bitcoin has witnessed good two-way price actions up to now this Sunday, preserving its bearish momentum intact whereas beneath the $50,000 psychological barrier.

However, the pioneer cryptocurrency continues to seek out sturdy bids close to the $47,000 stage. Over the previous buying and selling week, Bitcoin price largely consolidated beneath the $50,000 mark, as consumers pause earlier than resuming the following upswing.

Despite, the underlying upbeat outlook, traders stay cautious forward of the month’s finish expiry of $1.8 billion BTC options, justifying the pullback in Bitcoin price.

“$1.68 million value of Bitcoin flows into exchanges, probably the most vital influx since June 2019. Analysts admit to taking earnings in Bitcoin and Ethereum on crypto Twitter; merchants have a cautious outlook on the belongings,” Ekta Mourya, FXStreet’s Editor defined.

Bitcoin price: Path of least resistance seems to the upside

Looking on the every day chart, the BTC price is holding onto highly effective assist at $47,300, the intersection of rising wedge assist and upward-sloping 21-Daily Moving Average (DMA).

BTC bulls stay hopeful as long as the above-mentioned essential assist is defended. Sellers will goal the horizontal 200-DMA at $46,089 on a every day candlestick closing beneath the latter.

The draw back strain will intensify on a sustained break beneath the 200-DMA assist, opening flooring for a large sell-off in direction of the bullish 50-DMA at $41,008.

BTC/USD: Daily chart

However, with the 14-day Relative Strength Index (RSI) nonetheless sitting comfortably above the midline, markets view the pullback as a good ‘dip-buying alternative for BTC optimists.

BTC price wants to seek out a sturdy foothold above the $50,000 threshold to revive the uptrend. The subsequent related upside goal is envisioned on the rising trendline (wedge) resistance at $52,279.

From a near-term technical perspective, Bitcoin’s path of least resistance seems to the upside amid a bunch of wholesome assist ranges.

 

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About the Author: Daniel