At the time of writing, Bitcoin (BTC) is exhibiting a unit price worth $44124.25. In the past 24-hours, its price has surged by 0.57% and as of now, it is observing a bullish trend.
As of now, the sentiments of investors are going with a positive trend. This is clearly visible from the performance scale of Bitcoin. The scale shows that the sell-to-buy ratio for Bitcoin currently stands at 6:10. This means that out of every 26 investors, 10 investors are willing to buy BTC, 10 investors are neutral, and only 10 investors are willing to sell BTC.
Although the bulls currently have the upper hand, still, the situation is not fully out of the control of the bears. There are possibilities that the bears can increase their selling power to drag Bitcoin’s price to a lower figure.
Just like the performance scale summary, the moving averages are also within the positive territory as they are pointing towards “buy” sentiments. However, the oscillators are currently moving within the neutral zone, which means that the situation can lean into the control of either party.
For now, the data shows that the bulls are aiming to hit the 50-day SMA ($47,772.84) for Bitcoin. However, before the bulls are able to hit the 50-day SMA, they will need to get past the first strong resistance mark ($45,549.18).
If the bulls are not able to fight off the bears at the first strong resistance mark, then the bears may start running the show. They may try and pull Bitcoin below the strong psychological point ($40,000). Being able to pull BTC below the particular point would mean they can bring it down to the first strong support mark ($37,708.09).
If the S1 mark is hit, the ratio would start leaning towards the bears and BTC may end up falling down to the 100-day SMA ($36,071.65).
At this particular point, the bulls may start withdrawing, and so will the investors, leaving BTC open for the bears. Therefore, the bears may attempt to bring BTC lower to the second strong support mark ($34,033.54) and then the third strong support mark ($31,592.71).
In the case where the bulls do manage to cross the first strong resistance (R1) mark, then they may be successful in achieving the 50-day SMA.
From there, the ratio between the buyers and sellers may start leaning more in favor of the buyers. Therefore, Bitcoin may successfully hit the R2 ($49,106.37) before hitting the 20-day SMA ($50,737.43).
At this point, the bears may lose their confidence and the investors may start moving towards the accumulation side. As a result, Bitcoin may rise all the way up to R3 ($54,864.19).