With a bearish weekend, the BTC price is stuck on a sideways track above a confluence of critical support levels. Further, with the rising global tensions with the U.S. attacking Iran and Syria, the global markets are cautious and might turn hawkish in the coming times.
On the ETF front, the $30B mark of inflows in January and the race turning between just Blackrock’s IBIT and Fidelity’s FBTC. Driving past the event of ETF becoming the Sell-the-news event, Bitcoin is on the road to a healthy recovery.
Sustaining above the $42K zone, the low momentum and volatility phase reflects a breather phase that may soon lead to a spark. Amidst the growing anticipation of a bullish drive, the BTC price prediction teases a multi-year uptrend continuation to cross $100,000.
Supporting EMA Preps A Bounceback For Bitcoin
With multiple lower price rejection candles taking support at the dynamic 50D EMA, the BTC price sustains a sideways move. However, this also increases the possibility of a double-bottom reversal in the biggest crypto.
With a market cap of $839B, Bitcoin trades at $42,733 and shows an intraday Doji formation. Forming an indecisive candle at the dynamic support teases a morning star pattern formation to ignite a bull run.
Further, the declining trend in the trading volume during the weekend pullback reflects a weakness in the selling pressure. However, the sustenance above the 50D EMA is crucial for the upcoming rally in Bitcoin.
According to rektcapital, the BTC price is in the last week of the “Pre-Halving Downside” phase (orange). After this week, the anticipation for a Bitcoin price hike is increasing as it will enter the historic “Pre-Halving Rally” phase marked in light blue.
Will The BTC Price Sustain Above 50D EMA?
As the sentimental pressure grows, the BTC price is expected to make a sharp move shortly. However, the direction is questionable, as the sideways trend reflects a lack of momentum.
Considering the long tails and the double bottom possibility lead Bitcoin to an upside drive, the crypto can reach the $46K mark by the end of this week. However, the possibility of an even more intense bull run is greater for the upcoming week. This can result in Bitcoin crossing $50K.
On the downside, bitcoin can retest the $38,475 level.