Big Picture: Despite the fact that the ETF issue has subsided, volatility in the Bitcoin pair remains high. Yesterday’s session began with selling pressure, but bulls were able to maintain the recent breakthrough areas, generating enough strength for the price to bounce back towards the Range-Top levels. Nonetheless, bulls still retain their strength and could potentially overcome these challenges and advance to higher levels.
On the Upside the recent congestion range of 47,750 to 48,550 is expected to continue providing challenges for the bulls. Price may continue to observe partial profit-taking around this region due to the existence of stronger resistances. Meanwhile, if bulls prevail over this congestion zone, the upside is expected to expand into 49,900 and 50,500 levels initially, with opportunity for additional upside.
On the Downside Bitcoin maintained the 45,200 level and was able to establish another support level of 45,500. Both of these levels collaborated and kept the price firm against the intra-day profit-taking conditions. These supports continue to be the session’s primary supports. Below this, the next supporting area is between 44,500 to 44,200 levels. This is the lower breakout zone and is expected to withstand any greater waves of selling.