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Bitcoin (BTC/USD) Forecast: Bitcoin Bows to Critical Resistance of $48,000

Bitcoin (BTC/USD) Forecast: Bitcoin Bows to Critical Resistance of $48,000

Tammy Da Costa, Analyst

Bitcoin (BTC/USD) Outlook:

  • Bitcoin price action loses traction below the key psychological level of $48,000
  • USD gains after positive retail data
  • Price action stalls ahead of key psychological level
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Bitcoin (BTC/USD) prices have stalled at the key psychological level of $48,000 after retail sales boosted demand for the safe-haven greenback.

However, with US retail data sales coming in higher than expectation, the Dollar gained at the discretion of major cryptocurrency.

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Bitcoin (BTC/USD) Price Action

After the formation of a golden cross on the daily chart, Bitcoin prices have risen above the 23.6% Fibonacci retracement level of the June – September move at $47,000, in an effort to reclaim the key psychological level of $50,000 mark which remains as critical resistance for both the short and longer-term move.

With price action currently encapsulated between prominent levels, the ability to break above the key psychological level of $48,000 may give rise to further bullish momentum and a possible retest of $50,000 and a probable drive towards the next key Fibonacci resistance level of $51,734.

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Bitcoin (BTC/USD) Daily Chart

Chart prepared by Tammy Da Costa using TradingView

--- Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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