Bitcoin BTC has witnessed good two-way price movements so far this Sunday, keeping its bearish momentum intact while below the price of $50,000 psychological barrier.
However, the pioneer crypto continues to find strong bids near the $47,000 level. Over the past trading week, Bitcoin BTC's 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 price pullback in Bitcoin price.
“$1.68 million worth of Bitcoin BTC flows into exchanges, the most significant inflow since June 2019. Analysts admit to taking profits in Bitcoin BTC and Ethereum on crypto Twitter; traders have a cautious outlook on the assets..
Looking at the daily chart, the Bitcoin BTC is holding onto powerful support at a price of $47,300, the intersection of the rising wedge support level and upward-sloping 21-Daily Moving Average (DMA).
BTC bulls remain hopeful so long as the above-mentioned crucial support level is defended. Sellers will target the horizontal 200-DMA at a price of $46,089 on a daily candlestick closing below the latter.
The downside pressure will intensify on a sustained break below the 200-DMA support level, opening floors for a massive sell-off towards the bullish 50-DMA at $41,008.
However, with the 14-day Relative Strength Index still sitting comfortably above the midline, markets view the pullback as a good ‘dip-buying opportunity for Bitcoin optimists.
BTC's price needs to find a strong foothold above the $50,000 level to revive the uptrend. The next relevant upside target is envisioned at the rising trendline resistance at $52,279.
From a near-term technical perspective, Bitcoin’s path of least resistance level appears to the upside amid a bunch of healthy support levels.
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