Bitcoin is trading lately near the $46,000 point after the recent sale, while other cryptocurrencies have also stabilized after the recent volatility. Ethereum is lately looking to sit below $3,500, while Dogecoin is testing the point at $0. 2520.
Bitcoin found itself under heavy pressure after it became legal tender in El Salvador. It turns out that this is a typical “news selling” event, amplified through investor protection prevention orders that fell like dominoes.
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It is worth noting that Bitcoin failed to gain momentum right after the sell-off, and it turns out that the duration of this sale had a negative effect on the temperament of traders. However, cryptocurrency markets are known for their volatility. and Bitcoin deserve to have a smart chance of returning to recent highs should it manage to stabilize near existing levels.
Bitcoin has gained close to 50 EMAs at $45,200 and is looking to again surpass $46,000. The IHR has moved away from overbought territory and there is plenty of room to gain ground in case the right catalysts emerge.
If Bitcoin manages to settle above $46,000, it will check the next resistance point near $47,000. A move above this point will prepare the resistance control at the $48,000 EMA 20.
If Bitcoin sits above EMA 20, it will psychologically head towards the $50,000 point. A successful verification of this point will pave the way for the verification of the next resistance at $51,500.
On the other hand, Bitcoin wants to return below $46,000 to have a chance to reach a short-term downward momentum. The next point stands at 50 EMA at $45,200. A move below EMA 50 will push Bitcoin towards $44,000 If Bitcoin falls below this point, it will head to the one that is close to the recent lows at $42,600.
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