Bringing a lazy tone to the start of the week, Bitcoin maintains the sideways nature from the weekend and stays above $42K. Taking a pause after the sharp reversal last week, the BTC price is catching its breath for a new bullish start to February.
With Bitcoin dominance rising above 50% and 52.38% at press time, the anticipations around a bull run are higher than usual.
As we enter February 2024, we step one month closer to Bitcoin Halving and the hopes around it increasing again. Read our Bitcoin price prediction to find out if BTC price will reach $100,000 after the fourth halving event.
Reclamation of 50D EMA Puts Bitcoin Price On A Pedestal
Following the bullish recovery of 4.77% last Friday, the BTC price enters a state of hibernation. The recovery rally reclaims the lost $40K mark and heads to break above the $42K barrier.
Source – Tradingview
With Bitcoin’s market value above the 50-day EMA and the 23.60% Fibonacci level, the rising momentum may soon drive the upswing higher. As the next resistance stands at the $47K mark, the BTC price might find a rise in trading volume, supporting the bull run.
Further, the recovery in the U.S. markets can help improve the sentiments in the crypto market and drive the BTC price uptrend. Supporting the sentiments, the slowdown in GBTC outflows and the IBIT ETF reaching the $2 Billion mark are changing the sentiments slowly.
MACD Indicator: After the recent bullish buyback, the MACD and signal lines give a bullsih crossover below the halfway line. Hence, the momentum indicator teases a bullish trend reversal in Bitcoin.
Will BTC Price Cross Beyond $45K?
As the market movies beyond the sentiment crisis of last week grow heavier, the crucial support zone at the $41K mark begins to bend. Moreover, the reclamation of the 50-day EMA marks a milestone event in the short-term trend and projects a potential turnaround for Bitcoin. Optimistically, an upside continuation can result in a bull run to the overhead ceiling at $46,758.
On the flip side, if the BTC price reverses, it is to test the $38,642 mark.