Bitcoin Bows to Crucial Resistance of $48,000

Bitcoin (BTC/USD) Outlook:

  • Bitcoin value motion loses traction beneath the important thing psychological stage of $48,000
  • USD positive factors after constructive retail knowledge
  • Worth motion stalls forward of key psychological level

Bitcoin (BTC/USD) costs have stalled on the key psychological stage of $48,000 after retail gross sales boosted demand for the safe-haven greenback.

Nonetheless, with US retail knowledge gross sales coming in increased than expectation, the Greenback gained on the discretion of main cryptocurrency.

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Bitcoin (BTC/USD) Worth Motion

After the formation of a golden cross on the every day chart, Bitcoin costs have risen above the 23.6% Fibonacci retracement stage of the June – September transfer at $47,000, in an effort to reclaim the key psychological level of $50,000 mark which stays as important resistance for each the quick and longer-term transfer.

With price action presently encapsulated between outstanding ranges, the power to interrupt above the important thing psychological stage of $48,000 might give rise to additional bullish momentum and a potential retest of $50,000 and a possible drive in direction of the following key Fibonacci resistance stage of $51,734.

Bitcoin (BTC/USD) Every day Chart

Bitcoin (BTC/USD) Forecast: Bitcoin Bows to Critical Resistance of $48,000

Chart ready by Tammy Da CostautilizingTradingView

— Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and observe Tammy on Twitter: @Tams707

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