Bitcoin To Break $50,000?

by David

Bitcoin bounced from the support of $37,486 and rallied to $45,000 during the weekend. On Monday, Bitcoin and other cryptos saw minor corrections with Bitcoin dropping to $42,800. On the 1-day chart, MFI signals that Bitcoin is in the overbought zone. We can observe that selling pressure is stronger than buying pressure, and retail buyers driven by FOMO are chasing the markets.

Bitcoin is staying above the $42,451 resistance, but it may face stiff resistance at the 200-day simple moving average ($44,879). If Bitcoin falls below the 20-day EMA at $39,230, it may correct to $36,670. On the contrary, if Bitcoin manages to protect the 20-EMA , it could continue the uptrend towards $50,000.