The data from CoinMarketCap shows that the price of Bitcoin (BTC) is currently hovering around $47k per BTC figure. As the report shows, Bitcoin has been trying to defend its position at a $47,130 figure. At present, the particular figure is the 200-day SMA for Bitcoin.
For now, the bulls are trying to defend the price of Bitcoin at a particular figure and it has been going on for some time. So far, the investors have succeeded in keeping the price of BTC above the $47k mark.
Despite the efforts, the bulls haven’t been able to push their price higher than the current figure. According to TradingView, the 20-day EMA for Bitcoin is $49,622. The current situation of BTC shows that it hasn’t been able to even hit the $49,000 price, let alone hit $49.62k per BTC price.
With the current situation at hand, it is obvious that the bulls are not showing much support to BTC over the $47k per BTC figure. There is currently no demand for BTC above this figure, which is why the bulls are not going for any more purchases of BTC.
It was on December 20, when the bears managed to pull the price of BTC below the 200-day SMA. If the bears end up keeping the price of BTC below the 200-day SMA, the bulls may lose their confidence again. If that happens, then the momentum for sales may pick up.
If that happens, then the price of BTC may get closer to $42,000 to $39,600, which is the strong support benchmark for Bitcoin.
It is expected that the bulls show a lot of aggression as BTC’s price hits the 200-day SMA. They will resist with great force to push the price of BTC over the 200-day SMA. This is where the bulls may show their true power and trigger a rally to bring the price of BTC in the upward direction.
On the other hand, it is possible that the price of BTC may not even come close to the 200-day SMA. It is being expected that if the bulls make the attempt and are able to push BTC’s price over the $47k price, the buying momentum may pick up.
At this point, the price for BTC may rise and it may grow over the 20-day EMA. If that happens, the bulls will build momentum and purchase BTC very aggressively. It may then push the price of BTC over $52,000, which would indicate a strong rally towards the digital asset.
Although the bears may resist at this point, if they manage to push it above the $52k price, they may increase the rally and push its price even higher. If that happens, then the price of BTC may rise over the $60,000 figure.