6.3.2021 | 09:24
Bitcoin price falls below $50,000 again – what to watch out for in the coming days?
The Bitcoin price currently seems to have once again lost the battle for the important price mark of $50,000.
The bitcoin price managed to trade above $50,000 for much of the day today and put the market in a positive mood for a few hours. Currently, however, it looks like the BTC bulls have lost the Bitcoin Circuit battle for this important price mark. But the war is not over yet.
Will the Bitcoin price hold $47,000?
Currently, the Bitcoin price is trading at $48,200 and is showing strong volatility. However, even though the price of BTC has fallen below $50,000 again, no lower low has yet formed on the 4-hour chart. The short-term outlook for the bitcoin price thus remains bullish. At least for this moment.
The decisive factor for the short-term price outlook for Bitcoin (BTC) will be whether the bulls can hold the price above $47,000. A renewed rise in the Bitcoin price and a close above $52,000 would definitely be a desirable scenario to rekindle hope that the BTC will test the ATH again. But before that, it must first overcome the daily resistance at just under $49,800. Most recently, it failed in its attempt to establish this as support. Should the bitcoin price fall below $47,000, however, a return to the weekly support at just under $45,000 is the more likely scenario and would be a strong indication that we may not yet have seen the end of the correction.
Thus, the key levels for the next few days are clear. In any case, it can be assumed that the battle between bulls and bears will cause increased volatility on the market in the next few days, while the rest will watch spellbound and wait for the outcome.