The BTC market is once again trading lower as recent volatility calms, but is still a long way from weakening out. Ever since its downward shifts in the prior session, today’s 10 percent decline appears to be a breath of fresh air. Buyers are treading water, struggling for direction as the bear run on BTC/USD stays limited around the $50,000 level. Renewed optimism on BTC price drove the pair to a $53,238 intraday high before receding lower. On the key positive side of a stronger BTC is more demand at lower zones which will boost price especially with rising longer-term bias. The current BTC/USD spot price is down nearly 20% from the record high established on Mar. 13, 2021, with a current market cap of $970 billion, and a total of $80.99 billion in trade volume over the past 24 hours. Bitcoin bulls look towards Friday options expiry as around $6 billion worth of BTC options are set to expire. 43% have already been deemed worthless out and with the remaining open interest, Bitcoin bulls are mainly in control as the surge to a recent all-time high has wiped out 84% of the bearish options. Looking ahead of the larger players, traders are very bullish, taking Bitcoin volatility to a higher upswing.
*The bear run on BTC/USD stays limited around the $50,000 level
*Renewed optimism on BTC price drove the pair to a $53,238 intraday high
*Around $6 billion worth of BTC options are set to expire
Key Levels
Reistance Levels: $57,000, $55,000, $53,000
Support Levels: $50,000, $47,000, $43,000
BTC/USD Daily Chart: Ranging
BTC/USD Daily Chart
The Bitcoin (BTC) has edged lower by $8,346 since the week’s start. The BTC/USD rate is attempting to breach the MA 50 and ascending trendline support lower. Technical indicators flash selling signals on the daily time-frame. However, the horizontal support at $50,000 could provide support for the BTC/USD pair rate in the medium term.
The correction in the market also brought the BTC price beneath the key $53,000 support area, while the picture for the price will improve further with the BTC holding $50,000 support and surpassing the $53,000 medium-term resistance. BTC/USD is expected to go higher over the weekend largely on the grounds of Bitcoin expiry options.
BTC/USD 4-Hour Chart: Ranging
BTC/USD 4-Hour Chart
The BTC price turnaround was mostly visible on the 4-hour time frame by the lack of a firm uptrend in BTC/USD and slightly weak support. However, the technical indicators suggest price is oversold and buying signals on the 4H time-frame chart. The price is likely to continue to soar and return into the ascending trendline pattern during the following trading sessions.
However, the moving average (200) resistance level at $53,000 could provide resistance for the BTC/USD rate in the shorter term. Continued weakness below the trendline and the $53,000 level, could cause a major sell-off towards $47,000. The BTC/USD pair is only bullish while trading above the $53,000 level, key resistance is found at the $55,000 and the $57,000 levels.
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