- Bitcoin price is likely to revisit $44,000 before making a move toward $50,000.
- Ethereum price slides below the 200-day SMA at $3,489 to reevaluate directional bias.
- Ripple price needs to collect liquidity below $0.77 before triggering a run-up to $1.
Bitcoin price has sliced through the yearly, weekly, and monthly open as it undergoes a steep sell-off on March 5. This downswing is likely a precursor before BTC rallies to a significant level. Ethereum and Ripple have both declined and are reevaluating their strategy before moving higher.
Bitcoin price sets a launchpad
Bitcoin price broke out of its tight consolidation and shattered through the yearly open at $46,198, it has currently set up an equal low at $44,221. The market makers are likely to push BTC below this level before triggering a bullish move.
After the liquidity grab, investors can expect BTC to make a run at the $50,000 psychological level. In a highly bullish case, Bitcoin price could even tag the $53,000 hurdle in an attempt to set a higher high.
BTC/USD 1-day chart
While things are looking up for Bitcoin price, a daily candlestick close below $44,580 will invalidate the bullish thesis. Such a development will open the possibility of retesting the $42,076 support level.