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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why Bitcoin Needs To Go Above This Level To Reclaim $50K

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin

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Bitcoin slows downs as it makes its way back from the high area of around $30,000. The top crypto by market cap still records profits over the past week (3%) but could re-test support at lower levels.

Related Reading | Bitcoin Bounces Back Past $40,000, But May Struggle To Maintain Position

At the time of writing, Bitcoin trades at $41,300 with sideways movement over the past day. The cryptocurrency continues to trade in a tight range but soon could see an increase in volatility.

Bitcoin BTC BTCUSD
BTC moving sideways on the 4-hour chart. Source: BTCUSD Tradingview

Data from Material Indicators (MI) records short-term resistance as BTC’s price is above its current levels. There are over $5 million in asks orders from $41,300 to around $41,400. This could suppress the price from continuing its bullish momentum.

On the other side of the trade, there is major support for BTC’s price at $39,000. At these levels, the cryptocurrency records $9 million in bid orders with much more liquidity at lower levels. This suggests BTC could strongly rebound if it returns to that area.

Bitcoin BTC BTCUSD
BTC with strong support at $39K (bid orders in red and yellow below the price). Source: Material Indicators

A pseudonym trader recently pointed out that BTC’s price has seen constant rejection from the 200 Exponential Moving Average (EMA), a level often associated with trend direction for an asset. BTC’s current EMA stands at around $42,000.

In that sense, Bitcoin needs to break above that price point to continue upwards into further resistance. This potentially will be located at around $45,000, and $48,000. The latter stands as a major high timeframe for the cryptocurrency.

The pseudonym analyst is optimistic about BTC’s price capacity to break above its 200 EMA for the 4-hour chart.

$BTC Rejecting from the 4H 200EMA once again. As long as price can't get above that level at the very least, we'll be stuck in this down trend.

The 200EMA is still trending down as well though so eventually a break is imminent.

Trade here: https://t.co/VZNADvrnZu pic.twitter.com/NceFuHpJgo

— Daan Crypto Trades (@DaanCrypto) April 20, 2022

As NewsBTC reported, Bitcoin records a decrease in its 90-day implied volatility. This metric stands at its November 2020 low, according to data from Arcane Research. At that time, the decrease in volatility and BTC’s long period of consolidation preceded a major rally into its current all-time high levels.

Why A Weakening U.S. Dollar Could Push Bitcoin Upwards

BTC bulls seem to be displaying more strength. The liquidity sitting lower at $30,000 appears to have moved up which leads to faster BTC price bounces. This contributes to the bullish thesis for the cryptocurrency as it could be preparing for an imminent break of short to mid-term resistance.

On the latter, analyst David Ellis said:

(…) I’ve been staring at the charts for long stretches of time the past week-plus. I haven’t seen dips getting bought up this aggressively since Q4 2020. Again, WAY too early to get too excited, but this is an encouraging sign IMO.

Related Reading | The CEO Of Ripple Says Bitcoin Tribalism Is Holding Back The Crypto Industry

The U.S. dollar has been rallying on the back of an increase in interest rates from the U.S. Federal Reserve. Bitcoin is negatively correlated to the currency, as Arcane Research found. This could suggest more upside potential for the digital asset.

Bitcoin DXY
DXY with minor losses on the 4-hour chart. Source: DXY Index Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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