- Bitcoin price is currently hovering around the $50,000 level, trying to establish a trend.
- Ethereum price is having a tough time trying to breach the $3,375 resistance level.
- Ripple price approaches a crucial supply barrier at $1.26, which is preventing a 34% upswing.
Bitcoin price is in a pickle as it shows a lack of interest among buyers despite hitting a psychological level after roughly 100 days. The lull reaction could lead to a minor downswing that picks up buyers along the way, leading to a massive bull run.
Bitcoin price in search of stable support
Bitcoin price recently breached the $50,000 psychological support level for the first time in 100 days, but it failed to sustain itself. This could be a lack of buying pressure due to the already extended rally that spans from $28,000 to $50,000 and beyond.
While the overall structure remains bullish, BTC will likely retrace to the inclined trend line connecting the swing lows on August 6 and August 19 at roughly $47,800 or retrace to the $46,000 stable support level.
Either way, BTC will turn bullish once it produces a decisive 12-hour candlestick close above $50,958 and opens the path to the $55,210 and $56,670 resistance barriers.
BTC/USDT 12-hour chart
On the other hand, a breakdown of the $46,000 support level will implicate weak bullish momentum and trigger a further downswing into the demand zone ranging from $43,150 to $45,791.
While this move does not invalidate the bullish outlook, a convincing close below $43,150 will put an end to the optimistic narrative.