- Bitcoin price faces a blockade in its journey to retest the $50,000 psychological barrier.
- Ethereum price reveals an ongoing uptrend as it inches closer to the $4,000 hurdle.
- Ripple price eyes the retest of the $0.90 resistance barrier.
Bitcoin price has set up a bottom reversal pattern similar to the one seen in mid-December 2021. The resulting technical formation is likely to result in a bullish outlook that will ripple out into other altcoins including Ethereum and XRP.
Bitcoin price vies to restart an uptrend
Bitcoin price has set up a triple bottom, indicating the downtrend is ending and a new uptrend is beginning. Although BTC rallied yesterday by 4%, it failed to sustain gains, resulting in a retest of the $45,678 support floor.
As buyers place their bid orders again, BTC seems to be restarting the uptrend and is likely to surge another 3% before it encounters the 200-day Simple Moving Average (SMA) at $48,075. A decisive close above this barrier will confirm the bulls’ intentions and propel BTC to retest the 50-day SMA at $51,344.
BTC/USD 4-hour chart
While things are looking up for Bitcoin price, a breakdown of the $45,678 support level will invalidate the triple bottom setup and indicate weak buying pressure that could trigger an 8% correction to $41,762.
