Bitcoin bulls regained momentum as the bitcoin exchange rate returned from the $40,000 to $44,000 range. The “golden cross” pattern on the daily chart hints that the uptrend will achieve something more than just a climb to $48,000.
I would like to say that when a recovery begins, investors line up to open new positions. Speculation will inevitably increase when prices reach $48,000 to $50,000.
Support at $40,000 is a strong demand zone, indicated by the green bar on the chart below. It was backed by the 100-day simple moving average (SMA), which has played a vital role in the continued upside.
Investors should be aware of the barriers that could challenge the move into the supply zone marked in red, near $48,000. If selling pressure increases significantly, the uptrend will slow or stop altogether. I think it is important to realize the 50-day SMA, which recently crossed the 200-day SMA, forming a golden cross pattern. Many prominent analysts see this index as a formidable chart pattern that can reinforce the uptrend and mark the beginning of a bullish run.
In contrast, buyers should be cautious and keep in mind that the MACD in the daily chart is still bearish. The 12-day EMA should cross the 26-day EMA to determine the uptrend in the coming session and days.