- Bitcoin price swept the liquidity resting above $49,527 and edged closer to retesting the $50,000 psychological level.
- Ethereum price could see a brief correction to solidify its breakout from the falling wedge pattern.
- Ripple price remains strong as it sets up a higher high, indicating a retest of $1 is likely.
Bitcoin price is hovering around a crucial level after collecting liquidity above it. This development over the past 48 hours indicates that BTC will consolidate here before continuing its ascent. Ethereum and Ripple follow the pioneer crypto closely and show promise of gains soon.
Bitcoin price faces a decisive moment
Bitcoin price sliced through Monday’s high at $47,565 and collected the liquidity resting above $49,527. While BTC might head higher and retest the $50,000 psychological level, investors need to pay attention to the possibility that the big crypto might slide lower and sweep Monday’s low at $45,550.
If buyers resist booking profits, there is a high chance BTC will retest $50,00 and make a run for last week’s high at $50,0835. In some cases, Bitcoin price might extend to the $53,618 resistance level. In total, this run-up would constitute an 8.6% ascent.
BTC/USD 3-hour chart
Increased profit-taking from holders could undo the gains seen over the past 48 hours. This development could knock BTC down to Monday’s lows at $45,550 or sweep last week’s lows at $45,438.
