- Bitcoin price consolidates before the next push higher above $50,000.
- BTC price wavers in a rising wedge, downside capped by key $47,300 level.
- Large BTC options expiry looms amid bullish RSI, investors remain cautious.
Bitcoin has witnessed good two-way price movements so far this Sunday, keeping its bearish momentum intact while below the $50,000 psychological barrier.
However, the pioneer cryptocurrency continues to find strong bids near the $47,000 level. Over the past trading week, Bitcoin price largely consolidated below the $50,000 mark, as buyers pause before resuming the next upswing.
Despite, the underlying upbeat outlook, investors remain wary ahead of the month’s end expiry of $1.8 billion BTC options, justifying the pullback in Bitcoin price.
“$1.68 million worth of Bitcoin flows into exchanges, the most significant inflow since June 2019. Analysts admit to taking profits in Bitcoin and Ethereum on crypto Twitter; traders have a cautious outlook on the assets,” Ekta Mourya, FXStreet’s Editor explained.
Bitcoin price: Path of least resistance appears to the upside
Looking at the daily chart, the BTC price is holding onto powerful support at $47,300, the intersection of rising wedge support and upward-sloping 21-Daily Moving Average (DMA).
BTC bulls remain hopeful so long as the above-mentioned crucial support is defended. Sellers will target the horizontal 200-DMA at $46,089 on a daily candlestick closing below the latter.
The downside pressure will intensify on a sustained break below the 200-DMA support, opening floors for a massive sell-off towards the bullish 50-DMA at $41,008.
BTC/USD: Daily chart
However, with the 14-day Relative Strength Index (RSI) still sitting comfortably above the midline, markets view the pullback as a good ‘dip-buying opportunity for BTC optimists.
BTC price needs to find a strong foothold above the $50,000 threshold to revive the uptrend. The next relevant upside target is envisioned at the rising trendline (wedge) resistance at $52,279.
From a near-term technical perspective, Bitcoin’s path of least resistance appears to the upside amid a bunch of healthy support levels.