Price Analysis Shows Bitcoin May Hit $56,910.34 or $39,580.29

The price analysis for Bitcoin (BTC) shows that in the past 24-hours, its price has plummeted by 1.15%. However, in the past 7-days, Bitcoin has grown by 6.83%, bringing its current price to $50,347.35.

As the week has come to an end with positive gains, the overall situation of Bitcoin is currently hovering in the bullish zone. The sell-neutral-buy scale currently shows that Bitcoin is currently standing in the buying zone, which means it is currently bullish.

At the time of writing, the sell-neutral-buy ratio of Bitcoin is sitting at 7:9:10. This means that majority of the investors’ sentiments are currently bullish, as they are willing to boost Bitcoin’s price.

Even the moving averages for Bitcoin are currently in favor of buying, which again reassures investors that the overall trend for Bitcoin is bullish.

As of now, the price of Bitcoin is hovering around the 10-day SMA, which according to data is $50,311.89. Bitcoin is already ahead of its pivot point that is represented by $47,442.40, and it has already crossed the first resistance mark.

The data from TradingView shows that the first resistance mark for Bitcoin was $49,428.80 and Bitcoin has already crossed the particular mark. This means that Bitcoin is now moving close to the second resistance mark that is represented by $52,176.37 per BTC.

This means that at the moment, the bulls are facing a tough time from the bears who may be attempting to bring their price lower. However, the bulls have managed to sustain the pressure from the bulls are currently hovering over the first strong resistance mark.

As the sentiments are in the positive zone, this means that the investors may continue pouring money in order to buy more Bitcoin. The pouring for Bitcoin may continue taking place until the price of Bitcoin reaches all the way up to the second resistance point.

If the bulls manage to push Bitcoin ahead of the second resistance mark, they may focus towards the third strong resistance point. At the moment, the third strong resistance point for Bitcoin is $56,910.34.

On the other hand, the bears may increase their selling pressure in order to bring Bitcoin’s trend into the bearish zone. They may try pulling it below the $50,000 mark, bringing it around the 100-day SMA ($48,425.68).

If the bears manage to do it, they may increase their selling pressure at a lower level to bring Bitcoin close and then below the pivot price ($47,442.40). In case the bears manage to do it, they will increase their selling pressure to bring BTC below the first strong support mark ($46,247.28).

From that point, the bears may continue selling BTC to bring its price below the second support mark ($42,708.43). Afterward, the bears may try to bring their price down to the third strong support mark ($39,580.29).

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