Bitcoin (BTC) has rallied, and it appears the major cap has pushed up the entire market in the process. But as trading Friday came to a close, the coin has lost some momentum, and once again, it fell before consolidating above $46,000. Here is what happened:
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BTC failed once more to clear its 200-day SMA as bullish momentum slowed.
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The coin fell by a few percentage points but managed to consolidate.
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BTC is likely to resume the upward push once more in the days ahead.
Data Source: Tradingview
Bitcoin (BTC) – Will bulls breach the 200-Day SMA
Bitcoin (BTC) has done quite well to pair up some of the losses reported this year. The coin in fact managed to hit an all-new high for 2022 after one of its strongest bullish breaks yet. But despite this, the coin failed to clear the 200-day SMA of slightly above $48,000.
As a result, BTC fell to $44,000 before it regained to close above $45,000. We expect the bulls to try and breach the 200-day SMA next week. How long it takes to break that resistance remains to be seen, but it could happen sooner rather than later.
The good news is that it doesn’t seem like there are too many downside risks right now. Even if BTC fails to surge past $48,000, a fall below $44,000 remains highly unlikely.
Is BTC on course towards $100,000?
There have been a lot of talks that BTC will smash past $100,000 before the end of 2022. This does not appear likely right now. In the medium term, however, we may see a bit of momentum that takes the coin above the $50,000 mark.
BTC could also set a new all-time high this year. But smashing above $100,000, given current market conditions remains very hard.