From January 24, 2022, until now, the data surrounding Bitcoin (BTC) shows that its price has managed to remain stable around the $36,000 figure. This is clearly demonstrated through the candlestick trend line through TradingView.
So far, the data shows that the bulls have not left the side of Bitcoin even at the lower levels. This is demonstrated through the aggressive purchasing of Bitcoin by the investors at the lower levels.
As a result of aggressive buying, the bulls have managed to push Bitcoin’s price close to the $37,000 per BTC mark. This is a good sign for Bitcoin as the investors are still showing their support for the largest cryptocurrency.
The data suggests that the investors may succeed in pushing the price of Bitcoin over the $37,332.70 per BTC figure, which is the immediate strong resistance mark for BTC.
With Bitcoin making such progress, it is being expected that Bitcoin may be able to extend itself up to the 20-day EMA ($40,438).
However, it is expected that the bears may continue with their selling pressure in order to drag its price lower. So far, the situation seems to be favorable for the bulls as Bitcoin’s price has been rising higher.
If the price of BTC does manage to cross the 20-day EMA, then the bulls will gain more confidence. The bulls may then intensify their buying activity in order to push the price of Bitcoin over the 50-day SMA. The 50-day SMA for Bitcoin is being represented by the figure of $44,935.
If the bulls are able to fight off resistance from the bears, they may be able to push its price over the 200-day SMA. The 200-day SMA for Bitcoin is currently being represented by the figure of $48,750.
Although it may appear that the price of Bitcoin is experiencing an uptrend, the bears are still not going to lose to the bulls that easily. Just as the bulls try to push Bitcoin’s price higher, the bears are expected to attempt and do the exact opposite.
However, the situation currently seems to be in favor of the bulls because Bitcoin is currently hovering near the strong support mark. If the bears do manage to increase their selling pressure, they may be able to drag the price of Bitcoin in the lower direction.
They may create a downtrend with their increased selling activity, which would bring the price of Bitcoin down to $32,917.17 per BTC.
If the bears do manage to make it happen, they will gain more confidence and they will be able to move Bitcoin’s price even lower. It is being assumed that the bears may attempt to bring Bitcoin’s price down to $30,000.