It has been a really long time since Bitcoin (BTC) investors have witnessed the largest cryptocurrency hit an all-time high. Even after so many months, the Bitcoin investors are under so much pressure because Bitcoin hasn’t been able to recover much from the price plummets.
Despite all the efforts, the bulls haven’t been able to do much in elevating the price of Bitcoin. At the moment, the bulls are stuck between the price range of $38k and $40k per BTC on an average.
From time to time, the price of Bitcoin manages to cross the $40k per BTC mark, but the bears soon counter the rally with strong selling. The bears keep selling any rally that pushes Bitcoin over the $40k mark, and even now, the situation is the same.
Bulls Attempting to Push Bitcoin Over 100-day SMA
At the time of writing, the price of Bitcoin is at $41,482.50 per BTC, and it has observed a 1.54% surge in the past 24-hours. The recent push has done very little to push the trend for Bitcoin close to the positive side.
Even now, the bears have the majority of the control over Bitcoin’s trend. At present, the bulls are trying hard to hit and cross the 100-day SMA ($42,483.67).
Given the recent trend, it may not be an easy task for the bulls to achieve the target. They will need to increase their buying power in order to hit the particular mark and go beyond that.
Current Situation of the Technical Indicators
The summary scale for Bitcoin is currently pointing towards a neutral trend. This means that majority of the investors are preferring not to take any action due to the current situation of Bitcoin.
At the moment, 30.76% of the total investors are willing to sell Bitcoin and the same number of investors are willing to buy. The remaining $38.46% of the total investors are willing to stay neutral and do nothing.
However, it is the RSI for Bitcoin that is currently below the midline and is at 46.37, alongside the ultimate oscillator that is at 41.17.
Price Prediction for Bitcoin
If the trend stays negative and the bears create enough aggression against the bulls, they may force them to give up. This would pull the price of Bitcoin down to $40,860.26 per BTC.
If the bulls keep losing to the bears and they keep breaking through the strong support gates, the price of Bitcoin may plummet to $39,838.75, and then to $38,444.39.
On the contrary, if the bulls successfully hit and cross the 100-day SMA, they may attempt to push Bitcoin up to $42,934.38.
As the bulls continue accumulating more Bitcoin, the price of Bitcoin may surge to $44,437.09 per BTC, and then grow up to $45,992.38 per BTC.