Bitcoin price has taken a bearish stand because of a lack of bullish momentum in the past 12-hours. The popular crypto faces resistance at the $48,000 mark. Bears are likely to push back the BTC price to new high lows over the next few days.
However, the crypto market looks relatively calm. Bitcoin, at the time of writing this article, was trading at $47,141. According to data from CoinMarketCap, the world’s most popular cryptocurrency is down by 0.43% in the last 24-hours. But it has gained 10.19% in the last seven days. BTC has managed to stay flat. Analysts pointed out that since January 24, Bitcoin has been increasing inside an ascending parallel channel.
It bounced at its support line on March 14, taking the crypto market to much-needed highs. Technical indicators are bullish. It supports the continuation of the upward trend. And if the upward trend continues, BTC is very much likely to face resistance at $48,400 and near the $51,000 mark. The resistance is created by the 0.5 Fib retracement resistance level, a horizontal resistance level, and the resistance line of an ascending parallel channel.
Traders are looking forward to the possibility of a support backtest. But they are mixed about how low would be “too low” and end up intimidating the upward movement.
Meanwhile, Ethereum is up by 0.39% in the last 24-hours and changing hands at $3,397. Ether has gained 12.46% in the last seven days. The altcoins have lit up in green with Solana being the biggest gainer in the last 24-hours. It is up by 9.19%. Avalanche has gained 6.75%. XRP, Terra LUNA, Polkadot and Cardano are up 0.26% – 1.80%.