BTC’s price might soar over the $45000 barrier if the bullish trend continues.
The currency price has risen by 10% this week.
For the last two months, the Bitcoin price has been in flux. An ascending triangle pattern can be seen on the ascending trend line as price movement abides by the $45000 strong barrier. BTC’s price might soar over the $45000 barrier if the trend reverses and bulls start dominating.
Thanks to a bullish trend line breakout, Bitcoin/USDT rallied after weeks of downfall. The currency price has risen by 10% this week, as it tries to hold above the broken barrier. An uptick to $45000 on a post-retest rebound may mean an additional 9% increase for Bitcoin’s price. Coin price might rise above $52100 if buyers breakthrough this monthly support.
Additional Buying Pressure
Alternatively, a bearish reversal from the local barrier would push the BTC price back to the support trend line, signaling that traders want additional purchasing pressure to overcome this level. When the 200-day exponential moving average (EMA) is over $45000, the seller’s position is strengthened.
This rise is supported by a rising 20-day exponential moving average (EMA), which is set to pass above the 50-day EMA. Indicating the lessening negative momentum, the ADX slope has fallen dramatically during this short-term pullback.
On Saturday, the coin witnessed a return of $42,400, matching the peak from the beginning of March. Since early February, Bitcoin’s weekly chart has shown a steady upward trend. However, Pentoshi, a well-known trader, has previously warned that a possible rise in BTC price movement would not continue and serve as a prelude to new lows.