Bitcoin Price Rejected at $48K, but Uptrend May Continue
Technical Analysis
The Daily Chart
Bitcoin’s price has been rejected at the $48K resistance level, but it has found support at $40K. The price is currently consolidating between these two levels, and a breakout in either direction will determine the market trend. Breaking above $48K could lead to a new all-time high, while a drop below $40K may result in a decline towards the 200-day moving average at around $35K.
The 4-Hour Chart
On the 4-hour timeframe, Bitcoin experienced a fake breakout below $40K before recovering. The market is now testing the $43K level, and if it breaks above it, we could see a rally towards $45K and the $48K resistance zone. The Relative Strength Index also indicates upward momentum with values above 50%.
On-Chain Analysis
Bitcoin Miners Position Index (EMA 7)
The Miners Position Index (MPI) shows that miners have been selling their coins in significant amounts. This excess selling pressure could potentially reverse the price to the downside. Investors are questioning whether this indicates the market is topping out or if the bullish trend will continue.
Hot Take: Bitcoin’s Uptrend Faces Resistance at $48K
Bitcoin’s price has been rejected at the $48K level, but there are indications that the uptrend may still have potential. A breakout above $48K could lead to new all-time highs, while a drop below $40K may result in a decline towards the 200-day moving average. On-chain analysis suggests that miners have been selling their coins, which could put pressure on the price. It remains to be seen whether the bullish trend will continue or if the market is topping out.
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