Bitcoin (BTC) Price Might Hit $48 In Coming Week, Right Time to Enter Long Position?

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Bitcoin began a new decline after BTC Price struggled near $43,000. The BTC/USDT is now trading at $40,718.80. Similarly, most major altcoins reversed gains.

Bitcoin price is now consolidating above the 61.8 percent Fib retracement level. The immediate resistance is near the $40,750 level. On a Successful breakout, the flagship currency might surge above The next significant resistance level of $40,950. However, a strong rally can be expected if the bitcoin price stays above the $41K level.

On the downside, immediate support is near the $40,250 level. The next significant support is seen near the $40,000 mark. If the price falls below $40,000, it may move towards the $39,250 support zone.

Overall, If BTC/USDT price fails to stay above the $40,000 level, there is a risk of more downtrend in the coming days.

Also Read : Top Reasons Why Ethereum (ETH) is Set To Outperform Bitcoin in 2022

Bitcoin Price Eyeing $48K in Coming Week

BTC’s price is facing a big resistance hurdle above $42,000. The barrier has been in place since January 20. The price dropped to a record low of $32,000 before soaring nearly 45 percent to a high of $44,850. BTC/USDT continues to fluctuate between $36,000 and $42,000, with a range of $45,000 to $48,000 in between.

The rationale for our bullish outlook on the pioneer cryptocurrency is that each swing low has been higher from $37,000 to $40,000.

A robust green candlestick now encourages investors to take a long position. The first upside hurdle to overcome on the voyage is the high of $45,366 set on March 2. Furthermore, continued buying pressure would pave the path for the ultimate aim of $48,000.

A movement in favorable attitude, on the other hand, could call into doubt the asset’s bright future. If the price closes below $40,000 on a daily basis, the lower objective of $37,000 will be met once more.