According to data, Bitcoin’s price ended up falling below the $44,681 per BTC price, which is the 20-day exponential moving average (EMA). The fall observed by the largest cryptocurrency in the entire crypto-verse suggested that the bears are in control of the situation.
The data surrounding Bitcoin suggests that the moment a rally was observed, it was met with sales from the bears’ end on a large scale. This means that the bears currently have higher power than the bulls. They have the situation for Bitcoin in control as they are currently pulling the strings from their end.
The price prediction for Bitcoin from TradingView suggests that the bears may start selling it on a large scale. If the bears continue with their selling pressure, they would be able to pull its price down to $39,600 per BTC. The bears will be able to achieve it by increasing their selling pressure.
As of now, the relative strength index (RSI), as well as the moving averages for Bitcoin, are moving in the negative zone. It suggests that there are high chances of Bitcoin experiencing a downtrend in the upcoming days.
It is also expected that the bulls may not be able to pose much of a resistance against the bears when it comes to taking the lead. Therefore, the bears may succeed in pulling the price of Bitcoin all the way down to $35,200 per BTC.
If the bears continue increasing their selling pressure, they may find success in bringing Bitcoin’s price all the way down to $30,000 per BTC.
Although the bears may not give up that easily if the bulls are able to give a tough time to bears, they may succeed in pushing BTC’s price higher. They would succeed in pushing the price of Bitcoin all the way up to $45,456 per BTC.
However, the bulls will face a tremendous amount of resistance and pressure from the bears’ end while pushing BTC’s price higher. If the bulls are able to create strong rallies, they will be able to push BTC’s price all the way up to $48,647 per BTC.
At the $48.64k mark, the bears will exert a lot of pressure and pose strong resistance against the bulls. They will try really hard to drag down Bitcoin’s price and take it below the $45,000 per BTC figure.
However, if the bulls take the bears head-on, they will be able to beat the bears and may be able to push their price higher. At this point, the bulls will be expected to launch a strong march against the bears. If they succeed in doing that, they will be able to push its price up to $52,088.