• Bitcoin price consolidates before the next push higher above $50,000.
  • BTC price wavers in a rising wedge, downside capped by key $47,300 level.
  • Large BTC options expiry looms amid bullish RSI, investors remain cautious.

Bitcoin has witnessed good two-way price movements so far this Sunday, keeping its bearish momentum intact while below the $50,000 psychological barrier.

However, the pioneer cryptocurrency continues to find strong bids near the $47,000 level. Over the past trading week, Bitcoin price largely consolidated below the $50,000 mark, as buyers pause before resuming the next upswing.

Despite, the underlying upbeat outlook, investors remain wary ahead of the month’s end expiry of $1.8 billion BTC options, justifying the pullback in Bitcoin price.

“$1.68 million worth of Bitcoin flows into exchanges, the most significant inflow since June 2019. Analysts admit to taking profits in Bitcoin and Ethereum on crypto Twitter; traders have a cautious outlook on the assets,” Ekta Mourya, FXStreet’s Editor explained.

Bitcoin price: Path of least resistance appears to the upside

Looking at the daily chart, the BTC price is holding onto powerful support at $47,300, the intersection of rising wedge support and upward-sloping 21-Daily Moving Average (DMA).

BTC bulls remain hopeful so long as the above-mentioned crucial support is defended. Sellers will target the horizontal 200-DMA at $46,089 on a daily candlestick closing below the latter.

The downside pressure will intensify on a sustained break below the 200-DMA support, opening floors for a massive sell-off towards the bullish 50-DMA at $41,008.

BTC/USD: Daily chart

However, with the 14-day Relative Strength Index (RSI) still sitting comfortably above the midline, markets view the pullback as a good ‘dip-buying opportunity for BTC optimists.

BTC price needs to find a strong foothold above the $50,000 threshold to revive the uptrend. The next relevant upside target is envisioned at the rising trendline (wedge) resistance at $52,279.

From a near-term technical perspective, Bitcoin’s path of least resistance appears to the upside amid a bunch of healthy support levels.

 

(Excerpt) Read more Here | 2021-08-29 00:49:48
Image credit: source

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