Bitcoin (BTC) Consolidates Friday’s Breakout with a $41,000 Hold

Following Friday’s 11.41% surge, Bitcoin (BTC) held onto $41,000 levels on Saturday. Finding support at $41,000, with a dip to a day low $40,963, was key on the day.

Last week’s tech stock rout and late in the week rebound contributed to Bitcoin’s change in fortunes. A number of negative factors for Bitcoin and the broader crypto market remain, however. These include a likely shift in the global crypto regulatory landscape, increased scrutiny of Proof-of-Work mining, FED monetary policy, and geopolitical risk.

On Saturday, Bitcoin slipped by 0.41% to end the day at $41,418. An early high $41,954 saw Bitcoin test resistance at $42,000 before easing back into a relatively range-bound session.

Bitcoin Fear & Greed Index Continues Upswing

In spite of Bitcoin’s modest pullback on Saturday, the Bitcoin Fear & Greed Index continued its upward trend.

Having moved out of the red zone on Friday, for the first time since late December, the Index rose to 37/100 this morning. This is the highest level since 28th December, when the Index had stood at 41/100.

A continued uptrend towards 50/100 would support a Bitcoin move back through to $50,000 levels.

Bitcoin Price Action

With the news wires on the quieter side this weekend, technical indicators will remain key for the day ahead.

At the time of writing, Bitcoin was up by 0.35% to $41,564. Avoiding a fall back through the day’s $41,445 pivot would support a run at Saturday’s high $41,954 and $42,000 levels. The first major resistance level sit at $41,927. A breakout through to $42,000 levels would then bring the second major resistance level at $42,436 and $43,000 into play. Bitcoin had last sat at $43,000 levels back on 20th January.

A fall back through the day’s pivot would bring the first major support level at $40,936 into play. Barring an extended sell-off, Bitcoin should avoid sub-$40,000. The second major support level at $40,454 should limit the downside.

Looking at the EMAs and 4-hourly candlesticks, the signal is becoming more bullish. The 50-day EMA converged on the 100-day EMA this morning, with a possible bullish cross in play. The 50-day and 100-day EMAs have also narrowed on the 200-day EMA. A bullish cross would support a break through to $42,000 levels on the day.

At the time of writing, Bitcoin continued to hold above the 200-day EMA, currently at $40,700 levels. Holding above the 200-day EMA will be key to avoiding an extended sell-off.

This article was originally posted on FX Empire


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Source: Bitcoin (BTC) Consolidates Friday’s Breakout with a $41,000 Hold

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