BTC-“Slight Profit-Taking on Strength Advised”

1-Day Analysis:

Big Picture: Bulls sustain the control over the trend for the 8th consecutive session. This marks their longest winning run since January 2023. In addition, the price has rebounded towards the $50,000 mark after more than 750 days. This has been a significant accomplishment for the bulls, and if Bitcoin begins to acquire acceptance over this psychological level, the price may enter a highly bullish phase as well.

On the Upside Price is approaching the psychological milestone of $50,000. This level is causing some short-term volatility as profit-taking occurs around it. Bulls must break over this level to initiate a significant rally towards 52,800, followed by 53,500. However, between these levels, there may be some intraday resistance between 51,250 and 51,900.

On the Downside a lot of supports are beginning to appear, mainly from past resistance levels. The initial supports are trying to emerge at 49,800, followed by 49,450 levels. These are Bitcoin’s immediate support levels; below these levels, the next noticeable important supports are situated between 48,800 to 48,600 levels. These are the levels that, if tested, have the potential to generate significant fresh buying interest.