Breaking: Bitcoin price scrapes $44K: Is $50K next as BTC crosses the midline of a weekly supply zone?
|Bitcoin (BTC) price has scraped the $44,000 psychological level as the fear of missing out (FOMO) continues to drive the cryptocurrency market.
Effectively, the move has seen BTC break above the midline of a supply zone stretching from $40,517 to $46,972 on the weekly timeframe. Typically, a break and close above the midline of such a supply barrier confirms the continuation of the primary trend. Investors should watch for a close.
Meanwhile, the odds continue to favor the upside. The Relative Strength Index (RSI) remains inclined to the north, suggesting momentum is still rising.
Increased buying pressure above current levels, therefore, could see Bitcoin price overcome this supply barrier, flipping it into a bullish breaker, in a move that could set the tone for Bitcoin price to target $50,000 next. Such a move would constitute a 10% climb above current levels.
BTC/USDT 1-week chart
Nevertheless, considering BTC is already massively overbought, investors should not be surprised if a pullback happens. Experts evaluate the potential for a correction to the $30,000 psychological level even as markets continue to front-run spot BTC exchange-traded fund (ETFs) approvals.
Also Read: Altcoin plays for traders as Bitcoin crosses $42,000
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.