Bitcoin’s [BTC] price picked up late this weekend as it finally reclaimed the $50,000-mark. Following this, several technical pattern signals flipped bullish as it nears the $1 trillion market cap.
Bitcoin amassed weekly gains of 5.48% received a major boost soon after the US Senate passed the $1.9 trillion stimulus bill on the 7th of March.
After a minor increase of 0.42% over the last, Bitcoin was trading at $50,780. At the time of writing, the crypto-asset recorded a market cap of $940 billion with a 24-hour trading volume of $45 billion.
Is Bitcoin ready to probe highs that has not been marked since the second week of Feb?
Bitcoin [BTC] Daily Chart:
Despite coming close to the Bitcoin [BTC] candles, the moving averages continued to hover well below. Furthermore, the gauge between the 50 DMA [Pink] and the 200 DMA [Purple] continued to remain consistent depicting less signs of volatility.
The Fib retracement highlighted several points of resistance and support areas for the crypto-asset.
Patterns Indicate Receding Bearish Bias
The Chaikin Money Flow [CMF] remained steady depicting a consistent flow of capital in the BTC market.
The MACD also depicted a potential bullish breakout in the near-term after treading on the negative side for nearly two weeks.
It is important to note that despite the king coin’s sluggish price movement, the pullback has managed to gain significant attention as many institutional and retail investors bought the dip. This was evidenced by the RSI which continued to remain afloat above the 50 median line even after taking plunge below $45K.
It also indicated a sentiment of buying pressure among the investors in the coin market.
As marked by Fib Retracement, the area at around $50,680 at 0.5 Fib remains highly decisive. If the bulls manage to hold this level, upward target for Bitcoin stands at $55,071 at 0.786 Fib, $58,344 at 1 Fib respectively.
Support levels, in case of a market downturn, that can also be targeted were found to be at $48,566 and $43,021 at 0 Fib.